OPEC's new secretary general Haitham al-Ghais was interviewed by Kuwait's Alrai newspaper. Reported on Sunday (Headlines via Reuters):
- OPEC is not in a competition with Russia
- Says Russia is a big main player in the world energy map
- Says Russia's membership in OPEC+ is vital for the success of the agreement
- 'OPEC doesn't control oil prices, but it practices what is called tuning markets in terms of supply and demand'
- Says recent rise in oil prices is not only related to Ukrainian crisis, but to lack of spare production capacity
- Says of current state of global oil market 'it is very volatile'
- Says most important factor to affect oil prices by year-end is lack of investments in the sector
