OPEC's new secretary general Haitham al-Ghais was interviewed by Kuwait's Alrai newspaper. Reported on Sunday (Headlines via Reuters):

  • OPEC is not in a competition with Russia
  • Says Russia is a big main player in the world energy map
  • Says Russia's membership in OPEC+ is vital for the success of the agreement
  • 'OPEC doesn't control oil prices, but it practices what is called tuning markets in terms of supply and demand'
  • Says recent rise in oil prices is not only related to Ukrainian crisis, but to lack of spare production capacity
  • Says of current state of global oil market 'it is very volatile'
  • Says most important factor to affect oil prices by year-end is lack of investments in the sector
al ghais