OPEC has not lost its effectiveness

May 30th, OPEC Secretary-General Argus said in an interview on Monday that it is unfair to say that OPEC is no longer an effective independent institution. He said that in order to restore stability and balance in the market, OPEC has successfully got 10 countries to join the cooperation declaration. Despite volatility and challenges for more than 60 years, OPEC has been a steady player. At the same time, he reiterated that all decisions taken by the group were aimed at achieving a “good balance” between oil demand and oil supply. He also said OPEC’s forecast for global oil demand growth in 2023 was due to an expected pick-up in demand for jet fuel and gasoline with upcoming summer travel, as China continued to open up, as well as inflation and U.S. debt. The problem is solved and the demand for other products will improve.