By Nidhi Verma
BENGALURU (Reuters) - OPEC Secretary General Haitham Al Ghais said on Monday the collective decision to cut output in October was the right move and added that credit should be given to the OPEC+ alliance for its constructive role in supporting global market stability.
"Due recognition should be given for our constructive and positive role in supporting global market stability including to remind ourselves that the G20 and major consumers around the world commended us for our historical actions taken since 2020," Haitham Al Ghais told Reuters on the sidelines of the India Energy Week conference.
OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries (OPEC) and others including Russia, agreed last year to cut its production target by 2 million barrels a day (bpd), about 2% of world demand, from November until the end of 2023 to support the market.
The October decision initially drew heavy criticism from the United States and other Western countries but market dynamics since then have shown the cuts to be prudent with oil prices hovering near the $85 a barrel from highs of above $100 in 2022.
"We held the JMMC meeting on Feb. 1 where we reviewed everything holistically, from a pure technical perspective, and came to the conclusion that the decision taken collectively in Oct. was the correct decision," Al Ghais said.
The main message from the OPEC+ panel that met last Wednesday was that the group would stay the course until the end of the agreement in 2023.
Saudi Energy Minister Prince Abdulaziz bin Salman said on Saturday he remained cautious about any increase in production.
"At OPEC+ we are always closely monitoring the market, including demand, as it evolves after China opening up," Al Ghais said.
"We believe there is great confidence and trust in the OPEC+ group and its decisions where we have proven time and again that we are ready to act immediately and respond to the dynamic nature of the market," he said.
(Reporting by Nidhi Verhma, Writing by Maha El Dahan; Editing by Kim Coghill and Stephen Coates)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Quarterly Starter
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app