OPEC rules out that Saudi production capacity decision is linked to a decline in demand

OPEC Secretary General Haitham Al-Ghais said on Tuesday that the Saudi decision to postpone plans to increase production capacity should not be interpreted to mean that there is a view that demand is declining.

According to Reuters, Al-Ghais said, “I want to make clear that I cannot comment on a Saudi decision…but this cannot in any way be misinterpreted as a view that demand is declining.”

He pointed out that the oil market is in good and fairly stable condition, adding, “I see a strong global economy this year that will have positive repercussions on demand.”