OPEC Secretary General called "typical situation" reorientation of supplies in the world oil market

TASS, March 8. The reorientation of supplies in the world oil market, which is now observed against the backdrop of Russia’s redirection of exports to Asia, is a typical situation and does not cause concern for OPEC. This was stated by the Secretary General of the organization Haytham al-Ghais, speaking at the CERAWEEK energy conference in Houston.

“It’s not something that makes us worried in any way. The oil market has always seen a reorientation of supplies associated with geopolitical events, the emergence of new centers of demand, the disappearance of others,” he said. “This is a typical situation when we see a reorientation of supplies from the east to the west, or from west to east.”

OPEC Secretary General noted that the organization is more concerned about the slowdown in demand for oil in Europe and the United States against the backdrop of inflation. At the same time, according to him, Asia is now experiencing a phenomenal increase in demand for oil. “We see a division of the market, in fact, two markets. One – with promising growth in demand, the other – with its slowdown,” he added.

Al-Ghais also recalled that at the beginning of the year, the oil market expected a drop in oil production in Russia by 3 million barrels per day (b / d) due to sanctions. However, as OPEC Secretary General noted, oil production in Russia remains stable. “Oil (from Russia) has found new markets. This is not only India and China, but also Turkey,” Al-Ghais stressed.

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Deborah Acker

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