OPEC Secretary General Al Ghais: Long-term outlook for oil demand remains robust

Sagar Dua FXStreet

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.

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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