OPEC & Allies Alert to Changes in Crude Oil Market: Official
10.06.2022 By TankTerminals.com - NEWS

October 5, 2022 [Ukranews] – The secretary general of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said the bloc and its allies remain “alert” to any possible changes in the global oil and gas market during his visit to Venezuela.

 

The OPEC and non-OPEC Ministerial Meeting is “ready to convene as soon as needed to agree on any changes in market conditions, if necessary“, – Al-Ghais said.

Al-Ghais participated in an official ceremony marking OPEC’s 62nd anniversary, along with Venezuelan Oil Minister Tareck El Aissami and other Venezuelan government figures.

There are signs that invite “optimism” in the market, he said, such as OPEC projections that the global economy will grow by 3.1% in 2022.

Recent geopolitical events in Europe and other parts of the world, however, have led to “restrictions” that are “extremely harmful to both producers and consumers“, – the OPEC chief said.

According to the organization’s forecast, global oil demand will see “an increase of 13 mln barrels per day to reach 110 mln barrels per day in 2045“, – said Al-Ghais.

With that in mind, he said, Venezuela stands to play a “key role” in the future of global energy, given that it has the largest crude oil reserves in the world, estimated at about 300 bln barrels.

Venezuela’s El Aissami thanked Al-Ghais for his visit and reaffirmed “all the necessary commitment and effort” on the part of Venezuela to continue supporting OPEC’s strategic goals.

Even under the tough conditions sparked by the novel coronavirus pandemic, OPEC and its partners have been guarantors of “economic stability” and the stability of the crude oil market“, – said El Aissami.

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