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 and others including Russia, agreed last year to cut its production target by 2 million barrels a day , 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.
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