OPEC Secretary-General: Relatively optimistic on oil outlook for 2023

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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.