By Abdulwahab El-Gueyed (with photos)
VIENNA, June 24 (KUNA) -- Secretary General of the Organization of
Petroleum Exporting Countries (OPEC) Abdullah Al-Badri on Wednesday warned
OPEC members of the use of oil and energy terminology that does not correspond
with the organization's policies.
Some common phrases in oil and energy-related media reports are used to
question the organization's leading role in achieving stability in global
markets, he viewed, expressing regret that the media outlets of OPEC member
states were using them.
Bringing up an example, he mentioned the word "cartel," which is a
combination of independent business organizations formed to regulate
production, pricing, and marketing of goods by the members.
Despite being a production regulator, Al-Badri noted that OPEC has never
been a price regulator, and that global supply and demand have forever been
the main factor behind the rise and fall of prices. (end)
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