Market news
18.08.2022, 14:42

OPEC's al-Ghais: Relatively optimistic on oil outlook for 2023 – Reuters

OPEC's new secretary general Haitham al-Ghais told Reuters on Thursday that he was relatively optimistic on the oil market outlook for 2023 and added that the world was dealing with economic pressures of inflation in a very good way.

"I want to be very clear about it - we could cut production if necessary, we could add production if necessary," as-Ghais further elaborated. "It all depends on how things unfold. But we are still optimistic, as I said. We do see a slowdown in 2023 in demand growth, but it should not be worse than what we've had historically."

Market reaction

Oil prices continued to rise after these comments and the barrel of West Texas Intermediate was last seen rising 3.% on a daily basis at $90.28.

Additional takeaways

"Fears of Chinese slowdown taken out of proportion."

"Oil price slide reflects fears about the economy, physical oil demand is robust."

"Premature to say what OPEC+ will do at September 5 meeting."

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location