DUBAI (Reuters) – Spare oil production capacity freed up by the latest OPEC+ cuts to output targets could allow the alliance to intervene in the event of any crises in oil markets, OPEC Secretary General Haitham al-Ghais told Al Arabiya TV on Friday.
OPEC+, which includes the 13 members of OPEC and 11 allies led by Russia, agreed on Wednesday to a steep supply target cut of 2 million barrels per day, which de facto leader Saudi Arabia said was necessary to respond to rising interest rates in the West and a weaker global economy.
(Reporting by Nadine Awadalla; Editing by Maha El Dahan and David Goodman)
