- OPEC’s Al Ghais: Don’t see a major global recession, WTI rebounds
Market news
17 August 2022
OPEC’s Al Ghais: Don’t see a major global recession, WTI rebounds
Haitham Al Ghais, the new Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday that he doesn't see a major global recession.
Additional quotes
Open to dialogue with the US.
Spare capacity about 2m-3m bpd, running on thin ice.
It is too early to call the outcome of the September 5 meeting.
See the likelihood of an oil-supply squeeze this year.
Market reaction
The WTI recovery from six-month lows of $85.47 gains momentum on these above comments. The US oil erases losses to trade flat at $86.65, as of writing.
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