OPEC Secretary General Al Ghais: Long-term outlook for oil demand remains robust
|OPEC Secretary General Al Ghais said in Dubai on the sidelines of the World Governments Summit
Key Highlights:
- Saudi Arabia's decision to postpone capacity expansion should not be misunderstood as a poor demand outlook.
- I stand by published long term demand outlook and firmly believes it is robust.
- Al Ghais sees a strong global economy this year with positive implications for demand.
- The market is in a good place and quite stable.
- On Angola's exit, Al Ghais said “It is not the first time a member leaves, and open to them re-joining if they wish in the future.”
- He added “The OPEC will stay proactive and united as group.”
Market Reaction
West Texas Intermediate (WTI), futures on NYMEX, rallies to $77.60 after the positive commentary on the oil outlook from OPEC Secretary General Al Ghais. WTI spot price is 1% above from its previous close of $77.00.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.