OPEC again sought to reassure markets after one of its biggest customers complained about the pain of high prices. “There is no cause for alarm,” OPEC secretary-general Mohammad Barkindo said Thursday, adding that India had sent a letter bemoaning the state of the oil market.
While insisting supplies are sufficient, he neglected to specify how much extra production OPEC intends — or is able — to pump, an omission that’s undermining its effort to calm prices.
OPEC nations and its allies with spare capacity have given their assurance that “they are ready and willing to continue to make sure that the market remains well supplied,” Barkindo said at the Oil & Money conference in London. The group is keen to assuage any fears among its customers, and will hold talks with India on October 17, he said.
Crude surged to a four-year high earlier this month on concern US sanctions on Iran, along with chronic supply losses in Venezuela, could lead to a shortage. Read More