OPEC+ chief says oil market going through 'great fluctuations' following controversial production cut

OPEC Secretary General Haitham Al Ghais said on Sunday that "oil markets are going through a stage of great fluctuations" during his two-day visit to Algiers.

Al Ghais added that the goal of OPEC and producers outside the organisation is to maintain market stability. 

Recently, the Saudi-led oil cartel OPEC+ decided to cut production by two million barrels a day from November. This decision has sparked tension between Riyadh and Washington given US President Joe Biden's bid to get the oil group to release more energy amid the crisis in Ukraine. 

 Algeria's energy minister said OPEC's latest decision to cut output was "historic" and aims to stabilise markets, Ennahar TV reported on Sunday.

Energy minister Mohamed Arkab, and OPEC Secretary General Haitham Al Ghais expressed their full confidence in the organisation's decision, according to the report.

Bahrain's oil minister said on Sunday that the OPEC+ decision to cut oil output by 2 million barrels per day was taken unanimously and after a thorough technical study of the global market conditions and developments, state news agency (BNA) reported.

Member states are keen to take decisions that aim to stabilise oil markets, and the group will study any economic developments to ensure the stability of global markets and supplies, and the balance between the interests of producers and consumers, the minister added.

Oman's energy ministry also said on Sunday that OPEC+ decisions are based on purely economic considerations, realities of supply and demand in the market.

OPEC+ output cut decision was important and necessary to reassure the market and support stability, the ministry added.