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OPEC: Russia-Ukraine war causing volatility in global energy market | TheCable

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The Organisation of the Petroleum Exporting Countries (OPEC) says the ongoing war in Ukraine is causing huge volatility in the global energy market. The organisation also called for sustained investment

May 4, 2022 4:22 PM

Mohammad Barkindo, secretary-general, OPEC, said this on Wednesday at the virtual 62nd meeting of the joint technical committee . “The crises we face are causing huge volatility, with daily price swings of more than $5 per barrel occurring on 13 occasions across March and April,” he added. “None of us will ever forget April 20, 2020. On that day, the price of NYMEX WTI in the futures market plunged by 56 dollars/b to minus 37.6 dollars/b, the first-ever drop into negative territory,” he said.

He added that the move was key to rescuing the industry from the precipice on which it stood, and in turn, assisting with the resuscitation of the global economy.Barkindo said what recent events and developments imply was the continuing shift among policymakers to better understand what was required in the energy transition.

 

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