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

NUR-SULTAN, Sept 26 — 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 today.

Barkindo said 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. — Reuters