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War: Ukraine, Russia conflict causing huge volatility in energy market - OPEC

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The Organisation of the Petroleum Exporting Countries (OPEC) says the ongoing war by Russia in Ukraine is causing huge volatility in the global energy

Mr Mohammad Barkindo, OPEC Secretary-General, made the assertion while speaking at the virtual 62nd Meeting of the Joint Technical Committee on Wednesday.

He said: “As highlighted at our last meeting, the conflict has compounded the uncertainties related to the pandemic. “From the oil market perspective, however, what is clear is that Russia’s oil and other liquids exports of more than seven million barrels per day cannot be made up from elsewhere. The spare capacity just does not exist.”

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