OPEC: Oil Needs to Stay Underground Leads to Chaos

The Secretary General of OPEC, Haitham Al Ghais, noted today, Monday, during a panel discussion at the United Nations Climate Change Conference (COP28) in Dubai, that "the claim that oil should remain underground will not lead to a transformation in the energy sector but rather to chaos in this field." He added, "We do not feel that tarnishing the reputation of this sector is a constructive approach." Similarly, Saudi Energy Minister Prince Abdulaziz bin Salman told Bloomberg News on Monday that "OPEC+ production cuts could definitely continue after the first quarter if necessary." Last month, oil producers in OPEC+ agreed to voluntary production cuts totaling about 2.2 million barrels per day at the beginning of next year.