Heytham al-Gays, Secretary General of the Organization of Petroleum Exporting Countries (OPEC), said that the OPEC+ group, which decided to reduce oil production, acted at the appropriate time to prevent a crisis in the global oil market. Gays, who attended the energy conference held in South Africa, made statements regarding the OPEC+ group’s decision to reduce oil production on 5 October.
Expressing that the fluctuations in the global oil market require a pre-emptive attitude, Gays stated that the OPEC+ group acted at the appropriate time this month to prevent a crisis in the global oil market. Gays also stated that at a time when the demand for fossil energy sources is increasing, oil and gas reserves in Africa will be needed.
What happened?
The energy and oil ministers of the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, decided to reduce the daily oil production by 2 million barrels as of November, at the meeting held in Vienna, the capital of Austria, on 5 October.
