June 22, 2024
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OIL & GAS

OPEC Secretary General Defends Oil Output Adjustments

OPEC Secretary General Haitham Al Ghais has defended the recent changes to the OPEC+ oil output agreement, describing it as a success.

Speaking at an economic forum on Thursday in St. Petersburg, Russia, Al Ghais expressed optimism about the future of oil demand, highlighting a rebound in travel as a positive indicator.

On Sunday, OPEC+ decided to extend most of its oil production cuts into 2025, while allowing voluntary cuts from eight member countries to be gradually unwound starting in October.

This decision raised concerns among investors about the potential for increased oil supplies later in the year, despite slow demand growth.

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