The Organization of the Petroleum Exporting Countries (OPEC) and the OPEC+ alliance do not try to determine a specific oil price by their actions, Ednews reports.
This was stated in OPEC's statement in response to the criticism of the International Energy Agency (IEA).
"In response to the latest comments of the IEA criticizing OPEC and OPEC+ once again, Secretary General of OPEC Haitham Al Ghais once again stated that OPEC and OPEC+ are not engaged in determining a certain oil price," it was noted in the information.
OPEC emphasizes that both the organization and the OPEC+ alliance focus only on fundamental market factors when making decisions, as well as providing "vital" investments in the oil industry that the world needs.
"The IEA is well aware that a number of factors affect the market. The coronavirus, monetary policy, changes in oil reserves, trading schemes, the sale of oil from strategic reserves (coordinated or uncoordinated), geopolitics and many other factors," noted Haitham Al Ghais.
According to him, it is wrong and technically incorrect to blame the oil market for this process, as many other factors affect inflation.
Other energy markets are more unstable than the oil market, and this is largely due to the stabilizing role of OPEC and OPEC+, the Secretary General of OPEC emphasized.