© Reuters. FILE PHOTO: OPEC Secretary General Haitham al-Ghais visits the Organization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria on October 5, 2022. REUTERS / Lisa Leutner
DUBAI (Reuters) – The unused oil production capacity freed up by the latest OPEC + cuts in production targets could allow the alliance to intervene in the event of a crisis in the oil markets, the secretary general told Al Arabiya TV on Friday. OPEC Haitham al-Ghais.
OPEC +, which includes OPEC’s 13 members and 11 Russia-led allies, agreed on Wednesday a sharp cut in the 2 million barrels per day supply target, which the Saudi Arabian leader de facto said was needed to respond to rising interest rates in the West and a weaker global economy.