OPEC SECRETARY GENERAL AL GHAIS: LONG-TERM OUTLOOK FOR OIL DEMAND REMAINS ROBUST

OPEC Secretary General Al Ghais said in Dubai on the sidelines of the World Governments Summit

Key Highlights:

• Saudi Arabia's decision to postpone capacity expansion should not be misunderstood as a poor demand outlook.
• I stand by published long term demand outlook and firmly believes it is robust.
• Al Ghais sees a strong global economy this year with positive implications for demand.
• The market is in a good place and quite stable.
• On Angola's exit, Al Ghais said “It is not the first time a member leaves, and open to them re-joining if they wish in the future.”
• He added “The OPEC will stay proactive and united as group.”