OPEC Sec. General Barkindo: OPEC seeks to balance market as uncertainty lingers

In remarks delivered via video link at a conference hosted by RBC Capital Markets in New York late-Tuesday, the OPEC Secretary General Mohammad Barkindo reiterated the OPEC+ pledge to keep the oil markets balanced this year and beyond.

Key Quotes:

“OPEC and its partners will take the current economic bearishness into account when they meet in the coming weeks.”

The organization will be “unyielding” in its efforts to reduce oil inventories back to normal levels and revive investment in the industry, taking an approach that is “agile” and “flexible.” 

“There has also been a significant change in market sentiment, in both equity and financial markets” that has worsened many institutions’ outlook for oil demand growth.”

“This will all play into our calculations in the upcoming ministerial meetings.”