Output target cuts free capacity that could help in oil crises, OPEC head says
2022.10.07 04:36
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© Reuters. FILE PHOTO: OPEC Secretary-General Haitham al-Ghais walks at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria October 5, 2022. REUTERS/Lisa Leutner
DUBAI (Reuters) – Spare oil production capacity freed up by the latest OPEC+ cuts to output targets could allow the alliance to intervene in the event of any crises in oil markets, OPEC Secretary General Haitham al-Ghais told Al Arabiya TV on Friday.
OPEC+, which includes the 13 members of OPEC and 11 allies led by Russia, agreed on Wednesday to a steep supply target cut of 2 million barrels per day, which de facto leader Saudi Arabia said was necessary to respond to rising interest rates in the West and a weaker global economy.
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