OPEC’s Al Ghais: OPEC and OPEC+ are not targeting oil prices

Haitham Al Ghais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Thursday, “OPEC and OPEC+ are not targeting oil prices.”

Additional quotes

The IEA should be very careful about "further undermining" oil industry investments.

OPEC and OPEC+ are focusing solely on market fundamentals and enabling "vital" investments.

Finger-pointing and misrepresenting OPEC and OPEC+ actions is counterproductive.

Blaming oil for inflation was erroneous and technically inaccurate, given that there were other reasons contributing to inflation.

The international energy agency's repeated demands to avoid investing in oil could contribute to future market turbulence.

Market reaction

WTI was last seen trading at $74.44, up 0.20% on the day. The US oil is retreating from intraday highs of $74.79.