He said Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al-Ghais, “Oil markets are going through a period of extreme volatility.”
Al-Ghais, who was speaking during his two-day visit to Algeria, added that the goal of OPEC and non-OPEC producers is to maintain market stability.
Al-Ghais pointed out that the slowdown in global economic growth has a clear reflection on the demand for oil, and OPEC + took a proactive decision.
He added, “We do not control prices. The organization does not target a specific price, but rather aims to balance supply and demand.”
He explained that the stability of global oil markets is important for the future and we are not only looking at today.
On the possibility of reviewing the latest OPEC + decision, Al-Ghais said: “In OPEC, decisions always have plenty of flexibility…: our decisions are purely technical.”
The Secretary-General stressed that there is a desire by some countries to join OPEC.
Al-Ghais had said that the organization does not take sides and is not a political organization, explaining that OPEC analyzes data related to the global economy, economic developments, indicators and expectations, which have a direct impact on the demand for oil and the future of energy, and this is the role of OPEC since its establishment.
Al-Ghais explained in a previous exclusive interview with Al-Arabiya that the organization is working to ensure the continuation of safe and smooth oil flows, pointing out that this is in the interest of global economic growth.
He stressed that the recent OPEC decision is not from a country once morest a country, and not from two or three countries once morest a group of other countries.
