Baghdad – IA
The Ministry of Oil confirmed on Sunday that the US Federal Reserve’s report clarifies the influential role of OPEC in achieving stability in global markets, while praising the efforts of the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) for his major role in making important decisions.
Ministry spokesman Assem Jihad said in a statement received by the (INA): “The US Federal Reserve report published today concluded that traders in the oil market consider OPEC data an important source of information in the crude oil market, and an important influencing factor in achieving balance and mitigating… Of the fluctuations and challenges facing the oil market.”
Jihad pointed out that “a recent study issued by the US Federal Reserve concluded that the data and reports of the Organization of Petroleum Exporting Countries (OPEC) contribute significantly to reducing the volatility of oil prices, enhancing confidence for traders in the global market and restoring balance and stability,” pointing out that “this study “It provides evidence that OPEC data plays an important role in influencing the crude oil market by reducing volatility and guiding market participants’ decisions.”
Jihad praised “the efforts of the ministers of the organization’s members, the Ministerial Committee for Production Monitoring, and the Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), for their major role in making important decisions in order to maintain the desired stability and balance in global markets.”
It is noteworthy that the US Federal Reserve prepared the study, which came under the title “Beyond Words: “OPEC Reports and the Oil Market,” indicating that market traders consider OPEC data an important source of information in the crude oil market, and it plays a leading role in stabilizing oil markets, in addition to analyzing the impact OPEC data on the crude oil market, which investigated the extent of the impact of Organization of the Petroleum Exporting Countries (OPEC) data on the crude oil market. To achieve this, the Fed developed a statistical methodology that measures the strength of OPEC’s public reports and tests the extent of their credibility among dealers in the oil market.