Opec chief says blame policymakers, lawmakers for oil price rises
Policymakers, lawmakers and insufficient oil and gas sector investments are to blame for high energy prices, says Opec head Haitham Al GhaisHaitham al-Ghais, secretary-general of Organization of Petroleum Exporting Countries , gestures during a Bloomberg Television interview at the Opec headquarters in Vienna, Austria, on August 17 2022. Picture: Akos Stiller/Bloomberg
The price of Brent crude came close to an all-time high of $147 a barrel in March, after Russia’s ordering of troops into Ukraine worsened supply concerns. While prices have since declined, they are still painfully high for consumers and businesses globally. The Opec official also pointed the finger at a lack of investment in the downstream sector, adding that Opec members had increased refining capacity to balance the decline in Europe and the US.
The slide reflects fears of economic slowdown and masks physical market fundamentals, Al Ghais said as he took a relatively optimistic view on the outlook for 2023 as the world tackles rising inflation. “The fears about China are really taken out of proportion in my view,” said Al Ghais, who worked in China for four years earlier in his career. “China is a phenomenal place of economic growth still.”
“I want to be very clear about it — we could cut production if necessary, we could add production if necessary.”
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