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According to the new OPEC Secretary General, Haitham Al-Ghais, oil markets run the risk of a shortage of supply as demand remains resilient and spare production capacity decreases. “Fears about slowing consumption in China and the rest of the world have been exaggerated, OPEC’s secretary general said in an interview with Bloomberg Television. At the same time, the producers of the Organization of
Petroleum exporting countries and beyond are running out of extra supplies. “We are running on thin ice, if I may use that term, because spare capacity is becoming scarce,” Al-Ghais said. “The likelihood of a squeeze is there.”
This month, the price of oil fell 16% on fears of a slowdown in global demand.