OPEC’s Barkindo says quick Saudi response was key to curbing volatility

Saudi Arabia’s quick moves to restore output have been crucial to curbing oil price volatility after the global oil market had been shaken up following the attacks on some of its facilities, OPEC Secretary General Mohammed Barkindo said on Thursday.

Barkindo told an energy conference in Kazakhstan that an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards as Saudi Arabia has restored the bulk of its supply and the incident was “behind us.”

The group remains focused on maintaining oil price stability and “will do whatever it takes to insulate oil from politics,” he said.

Barkindo also said OPEC expected robust long-term growth in oil demand, especially from developing nations.

Speaking about shorter-term risks, he said the oil market was focusing on the outcome of the trade talks between the US and China.

Overall, while global economic growth figures indicated deceleration, they were not “worrisome” and indicated no signs of recession, Barkindo said.