OPEC helps keep oil market stable, says organisation's Secretary General Haitham al-Ghais (original) (raw)

Oil market stability is key to investment and global economic growth and OPEC’s actions help in maintaining oil market stability, OPEC Secretary General Haitham al-Ghais said.

“Stability is key for global economic growth and prosperity. Without stability, you cannot have investment, you cannot have clarity,” said Al-Ghais. “And this is one of the beautiful things about OPEC+ … that we have unity amongst us. We read the market, we analyse the supply, demand away from political considerations, purely on sound technical considerations, and we take the decision that provides stability for the market.”

OPEC is a grouping of about a dozen oil-producing countries led by Saudi Arabia. About nine years ago, it formed an alliance with Russia and nearly a dozen more countries to form OPEC+ and coordinates its output with them.

The grouping is often accused by consuming countries of artificially keeping volumes low to boost prices, a charge OPEC often denies. OPEC says it’s never focused on prices but on supply and keeping a balance in the oil market.

“Oil was last year possibly the least volatile commodity,” Al-Ghais said, adding that OPEC+ provides the stability that benefits investors in the longer term.