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Opec in the EU, market volatility is out of our control

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Borrell:

(ANSA) – ROME, APRIL 11 – “Regarding market volatility, Mohammad Barkindo said that the current geopolitical developments in Europe, together with the ongoing Covid-19 pandemic, have created an extremely volatile market and that these ‘ non-fundamental factors’ are beyond OPEC’s control “. Thus, in a tweet, the Organization of the Major Petroleum Exporting Countries reports Secretary General Barkindo’s reply to the EU’s request to increase supplies of crude oil. The OPEC secretary general pointed out that the decline in Russian oil supplies due to sanctions could potentially exceed seven million barrels a day, a level well beyond the organization’s ability to compensate. (HANDLE).

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Source: Ansa

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