Output target cuts free capacity that could help in oil crises, OPEC head says

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.

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