OPEC has no control over the events that have led to the run up in global oil prices and there is not enough capacity worldwide to compensate for the loss of Russian supply, OPEC Secretary General Mohammad Barkindo said on Monday.
Benchmark Brent crude prices surged on Monday, touching a 14-year high of over $139 a barrel as the United States and European allies considered banning Russian oil imports following Russia's invasion of Ukraine.
U.S., European and other governments exempted energy trade from sanctions to prevent already tight markets rallying further, but that has failed. OPEC Secretary General Mohammad Barkindo speaks during the CERAWeek conference in Houston, Texas, U.S., March 7, 2022. REUTERS/Daniel Kramer
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