OPEC stays flexible to keep market balanced: Al Ghais

OPEC Secretary General Haitham Al Ghais

OPEC Secretary General Haitham Al Ghais said today, Nov. 3, that the group’s move to raise production aims to maintain balance between global oil supply and demand.

Speaking at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), Al Ghais said OPEC remains fully flexible to adjust output, including through pauses, rollbacks, or other changes, depending on market conditions.

He noted that OPEC expects oil demand to grow by about 1.3 million barrels per day (bpd) this year, adding that the group still sees positive demand signals and no major market surprises ahead.

The comments follow the OPEC+ decision to slightly raise output in December and temporarily halt further increases in the first quarter of next year.