OPEC Sec-Gen says output cuts were pre-emptive
Reuters
Published Oct 16, 2022 01:24PM ET
Updated Oct 16, 2022 03:11PM ET
(Reuters) -OPEC Secretary General Haitham al-Ghais said on Sunday that the group, alongside other producers that form the OPEC+ alliance, took purely technical decisions and that oil output cuts were a pre-emptive measure.
Speaking from Algeria, Ghais also said a slew of statements from producer nations in support of the Oct. 5 decision to cut oil output by 2 million barrels per day (bpd) were a measure of its effectiveness.
"We welcome these statements and they are proof that the decision was correct," he told reporters.
Asked about whether there would be a revision of the decision should market conditions change in the first six months of next year, Ghais said that OPEC+ decisions were always subject to revision.
"The OPEC+ agreements always have flexibility ... the ministers are always ready to take a plane and come to Vienna."
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Written By: Reuters
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