OPEC Secretary-General Al Ghias is speaking and says:
- relatively optimistic on oil outlook for 2023
- fears of Chinese a slowdown taken him him out of proportion
- the oil price slide reflects fears about economy
- physical oil demand is robust
- premature to say what OPEC will do at September 5 meeting. Could cut or add production if needed (interesting the "cut" qualifier.)
- Replacing Russian barrels is not an easy task
- dialogue is ongoing between OPEC and Russia and expected to continue
- OPEC's ability to meet oil demand will be challenging and difficult without tackling the issue of underinvestment
- policymakers and lawmakers to blame for high energy prices, not OPEC
The price of crude oil is back trading near $90. That's up close to $2.36 on the day.
Looking at the hourly chart, the price is trading back above its 100 and 200 hour moving averages at the moment. The 200 hour moving averages at $90.01, while the 100 hour moving averages at $89.01.
Crude oil is trading back above its 200 hour moving average