Joe McMonigle, Secretary General of the International Energy Forum
17:23 | September 15, 2022
Updated: 17:25 | September 15, 2022
It all depends entirely on the data. I don’t think they have a set plan and that’s why they meet monthly – thanks to the magic of Zoom they can meet every month. They will definitely react to the data. As I already noted at the Milan Energy Conference last week, as soon as the smartest girls and boys in the financial sector say there will be a downturn in the economy that will destroy demand, OPEC needs to take note. So, they will continue to analyze the data monthly. But their ultimate goal is market stability. They don’t want a recession and want to respond adequately and have stable customers and a strong global economy.
Also, we’ll see what happens with the opening in China. The natural gas crisis will in turn cause a shift to other fuels, which in turn will lead to an additional tightening of the oil markets. This is already visible in Japan, Taiwan and Bangladesh – these countries are significantly increasing their oil purchases.