Oil price fluctuations not in best interest of producers or consumers: Barkindo

Oil price fluctuations not in the best interest of producers or consumers, Mohamed Barkindo, secretary general of the Organization of Petroleum Exporting Countries (OPEC), told UAE’s Al Ittihad newspaper.

Referring to current oil price volatility amid concerns ahead of the OPEC meeting, he said that OPEC will strive to stabilize the markets and maintain what was achieved during 2017 and 2018.

During the planned OPEC meeting on Dec. 5, decisions will be made on the strategy of dealing with the market, he said.

Meanwhile, he said that the global oil sector needs around $10 trillion in investments to cover oil demand until 2040.

“Although energy markets are well supplied and balanced now, there are concerns about an oversupply in 2019, which would promote OPEC’s drive to cut output next year,” he added.