Factors Beyond Producers’ Control Are Impacting Oil Market – OPEC

A police officer stands guard on the rooftop of Vienna's OPEC headquarters during a meeting of the OPEC conference March 11, 2003. [The OPEC oil cartel sought on Tuesday to reassure anxious world energy markets that it is ready to prevent shortages in any war on Iraq.]

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

Barkindo, speaking at the Oil and Money conference in London, also said he wanted to ensure there is 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.