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