The OPEC+ alliance plays a key role in supporting market stability, OPEC Secretary General Haitham Al Ghais said Saturday in a message alluding to the sixth anniversary of the group’s formation.
“Six years later, the framework continues to play a key role in supporting market stability, which is essential for growth and development, and also in attracting the necessary investment to ensure energy security,” said Al Ghais, in a communicated.
At the last meeting, held on the 4th of this month, the group had decided to maintain the initial plan to cut two million barrels (about 2.0 percent of world demand) from supply to the markets as a way of holding down prices, which , currently oscillate between 70 and 80 dollars, after having reached 100 dollars a few months ago. The cut is, in principle, valid until November 2023.
OPEC+ groups together the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia. OPEC is formed by Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Congo Republic, Saudi Arabia, United Arab Emirates, Venezuela. Ecuador, Indonesia and Qatar are observers. The allied group includes Azerbaijan, Bahrain, Brubnei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan, Sudan and Russia, together forming the OPEC+ group, which is a concertation mechanism for balancing prices in the market.
