Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, said today, Thursday, that the International Energy Agency should “be very careful about further (attempts to) undermine” investments in the oil industry, investments that are seen as an important issue for economic growth. Global.
Al-Ghais added that OPEC and the OPEC + alliance do not target oil prices, but rather focus on the fundamental factors in the market, adding that pointing fingers at oil exporters and their allies and distorting their actions will lead to “counterproductive results.”
He said in a statement seen by Al Arabiya.net: “The International Energy Agency knows very well that there is a conflicting set of factors affecting the markets. The side effects of Covid-19, monetary policies, stock movements, algorithmic trading, commodity trading advisors, and SPR issuances. coordinated or uncoordinated) and geopolitics, to name a few.”
The Secretary-General of “OPEC” reaffirmed that accusations and misrepresentation of “OPEC” and “OPEC +” procedures are counterproductive, and he stressed once again that blaming oil for inflation was wrong and technically incorrect because there are many other causative factors. for inflation.
“Other energy markets have been much more volatile, with oil markets declining, mainly due to the stabilizing role of OPEC and the OPEC+ group,” he said.
Al-Ghais added: “If anything leads to future volatility, it is these repeated calls from the International Energy Agency to stop investing in oil, knowing that all data-based forecasts envision the need for more of this precious commodity to support global economic growth and prosperity in the coming decades. particularly in the developing world.”
