OPEC head rejects criticism over oil deal, says demand is good

OPEC Secretary General Haitham al-Ghais on Thursday defended the recent adjustments to the OPEC+ oil output deal, calling it a success.

Speaking at an economic forum in St Petersburg, Russia, al-Ghais expressed optimism about continued strong oil demand, citing a rebound in travel.

OPEC+ on Sunday agreed to extend most of its oil output cuts into 2025 but left room for voluntary cuts from eight members to be gradually unwound from October onward.

Investors were worried that a complicated OPEC+ output decision could lead to higher supplies later in the year even though demand growth has been slow.