OPEC: Excess oil production cuts will allow intervention in ‎global energy crises

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais told Al-Arabiya TV today, Friday, that the excess production capacity to reduce oil production may allow the coalition to intervene in the event of global crises in the energy sector.

The OPEC+ alliance, which includes 13 countries plus 11 of its allies led by Russia, agreed on Wednesday to cut production by 2 million barrels per day, which Saudi Arabia said was necessary in response to higher interest rates in the West and a weak global economy.