Non-fundamental factors impacting oil market- Barkindo

OPEC predicts 100m bpd oil demand
Secretary General of the Organisation of Petroleum Exporting Countires (OPEC), Mohammed Barkindo

OPEC Secretary-General, Mohammad Barkindo, has said that there are many non-fundamental factors influencing the oil market that are beyond oil producers’ control.

Barkindo who stated this on Thursday while speaking at the Oil & Money Conference in London, said he wanted to ensure there was no shortage of crude in the market.

Oil prices have rallied this year on expectations that U.S. sanctions on Iran will strain supplies by lowering shipments from OPEC’s third-largest oil producer. Brent crude last week reached $86.74, the highest since 2014.