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There are many factors affecting oil prices. In OPEC, we don’t target a certain price level.
All our measures and decisions are made in order to have a good balance between global oil demand and supply, he added.
“To start, we look at the macroeconomic indicators, globally, and as you know, we are still recovering from COVID-19, which has severely affected the market for the past three years.”
Indeed, it’s still a dynamic situation, and this year, 2023, we forecast that global oil demand will surpass pre-COVID levels, reaching almost 102 mb/d, the OPEC head said, adding, “I am sure there will be good work together to ensure that the market will remain balanced, as OPEC has continued to do over the past many years.”
OPEC believes in international cooperation, dialogue, not only with producers, as we are also actively involved in dialogue with many of the key consumers around the world, such as the European Union, China, and India, he said.
“We are working on developing more with key consumers around the world such as Japan, South Korea and others. So, OPEC is all about dialogue. Our door is open. Collaboration is the way to go forward whether it is in energy or other aspects,” Al Ghais concluded.