OPEC’s Al Ghais: OPEC+ output cuts allow countries to intervene in case of oil market crisis

Market news

7 October 2022

OPEC’s Al Ghais: OPEC+ output cuts allow countries to intervene in case of oil market crisis

Haitham Al Ghais, the new Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Friday that “oil production capacity freed up by latest output cuts could allow countries to intervene in case of any crisis in oil markets.”

Additional quotes

“The world needs $12 trillion in investments in the oil sector globally.”

“The lack of investments significantly affects global energy supply.”

Market reaction

WTI is off the highs, currently trading at $88.29, modestly flat on the day.

Currencies. Daily history for Friday, October 7, 2022

Commodities. Daily history for Thursday, October 6, 2022

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.