OPEC Secretary-General: move to cut oil output was unanimous
CAPE TOWN, Oct 18 (Reuters) - The OPEC+ oil producers group moved unanimously to cut output to prevent a crisis and stem a tide of volatility, OPEC's secretary-general told an energy conference in South Africa on Tuesday.
"The heads of delegations unanimously and I want to underscore the word unanimously, decided to take a proactive, pre-emptive stance in their efforts to foster sustainable stability in the global markets," OPEC's Haitham al-Ghais told the Africa Energy Week conference.
"With macro-economic headwinds forecast for the months ahead and the very real potential for a global recession, which some might say has already started in some parts of the world, there was a consensus amongst the ministers of the need to act now and prevent a crisis later on," he added.
OPEC+ member states have lined up to endorse a steep cut to its output target agreed this month after the White House accused Saudi Arabia of coercing some other nations into supporting the move. read more
OPEC+ comprises the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia.
Ghais told conference delegates in Cape Town that Africa's oil and natural gas reserves would be sought-after as energy demand was set to rise dramatically in the coming decades.
He said OPEC forecast that global energy demand would increase by 23% from 286 million barrels of oil equivalent a day in 2021 to reach 351 million barrels of oil equivalent a day by 2045, with oil retaining the largest share in the energy mix.
He said if investments in oil were not met there could eventually be "a serious supply shortfall resulting in more heightened volatility".
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