The head of OPEC said that the actions of the cartel do not lead to an increase in oil prices
[ad_1]
OPEC Secretary General Haytham al-Ghais said that the actions of the Organization of Petroleum Exporting Countries are not aimed at influencing hydrocarbon prices. So he reacted to the criticism of the head of the International Energy Agency (IEA) Fatih Birol, who called on OPEC to be careful and warned that rising oil prices could lead to a global economic crisis.
“The actions of OPEC and OPEC + are not aimed at influencing oil prices, but are directed solely in the interests of the markets and to provide the industry with investments,” Mr. al-Ghais assured (quoted from Reuters).
According to him, the global economy is “affected by a combination of factors” and one should not single out the rise in oil prices among them. “Markets are also affected by the effects of the COVID-19 pandemic, monetary policy, stock movements, trading algorithms, commodity options advisors, strategic stock issues, geopolitics. And these are just some of the factors,” added the OPEC Secretary General.
The day before in an interview Bloomberg Fatih Birol said that OPEC should be careful about raising oil prices, as this will spur inflation and lead to a weakening of the world economy, which at the moment is “already in a very fragile state.” The head of the IEA insists that it is the actions of OPEC and OPEC +, as well as individual states that are members of these associations, that lead to an increase in world oil prices.
[ad_2]
Source link
