OPEC Secretary General Al Ghais: Long-term outlook for oil demand remains robust

OPEC Secretary General Al Ghais said in Dubai on the sidelines of the World Governments Summit

Key Highlights:

• Saudi Arabia's decision to postpone capacity expansion should not be misunderstood as a poor demand outlook.
• I stand by published long term demand outlook and firmly believes it is robust.
• Al Ghais sees a strong global economy this year with positive implications for demand.
• The market is in a good place and quite stable.
• On Angola's exit, Al Ghais said “It is not the first time a member leaves, and open to them re-joining if they wish in the future.”
• He added “The OPEC will stay proactive and united as group.”

Market Reaction

West Texas Intermediate (WTI), futures on NYMEX, rallies to $77.60 after the positive commentary on the oil outlook from OPEC Secretary General Al Ghais. WTI spot price is 1% above from its previous close of $77.00.