OPEC Secretary General: The OPEC production cut agreement solved the challenges of the oil market

According to the Fars International Economic Group, quoted by Reuters, OPEC Secretary General Haitham Al-Ghaith said: The OPEC+ agreement to reduce production helped to resolve the challenges that the global oil market was facing.

Al-Ghaith, who traveled to Baghdad, added that the most important goal of OPEC is to achieve stability and balance between supply and demand.

Members of the Organization of the Petroleum Exporting Countries, OPEC, along with Russia and other allies known as OPEC+, agreed last November to cut production by 2 million barrels per day. This figure is considered to be the biggest decrease since the early days of the Corona outbreak in 2020 and will continue until the end of 2023.

“The OPEC agreement is one of the most important historical decisions made by the members to deal with the various challenges of the global oil markets,” Al Ghaith said.

The 60th anniversary of the establishment of OPEC is going to be held in Baghdad. This anniversary has been postponed for 3 years due to the spread of Corona.

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