OPEC Secretary General Haitham Al Ghais said on Sunday that “oil markets are going through a stage of great volatility” and that the goal of the organization and producers outside the organization is to maintain market stability, Reuters reported.

Al Ghais made the statement during a two-day visit to Algeria, reports news.ro. Secretary-General of the Organization of the Arab Petroleum Exporting Countries (OAPEC) Ali bin Sabt said on Saturday that the decision by OPEC+ to cut the oil production target is correct and timely.

The decision takes into account the uncertainty associated with global economic performance and is in line with the successful approach taken by OPEC+ to take proactive measures to avoid any imbalances in the oil market, especially on the supply and demand side, Ali bin said. Saturday

OPEC includes Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria, Tunisia and the United Arab Emirates.

The 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, cut their production plan by 2 million barrels per day at a meeting on October 5.

The move came despite fuel markets remaining tight and inventories in major economies lower than when OPEC cut output in the past.