“These crises have compounded to create a highly volatile market,” Barkindo said, according to the text of his opening remarks. “I must point out, however, that these are non-fundamental factors that are totally out of our control at OPEC.”
The two representatives spoke during the regular dialogue between the EU and the Organization of Petroleum Exporting Countries.
Oil prices continue to trade near $100 a barrel as many refiners shun Russian supplies following the attack on its neighbor. The price rally has bolstered fuels like diesel, adding to the inflationary pressures and cost-of-living crisis hitting many consumers.
OPEC nations such as Saudi Arabia have rebuffed calls from major consumers like the U.S. to fill in the gap left by Russia. Besides their view of the market, the kingdom and its allies may have other reasons for holding back.
Riyadh jointly leads an alliance of global producers with Moscow known as OPEC+, and may also be keen to preserve its political ties with the Kremlin, which have helped the Saudis lessen their reliance on the U.S.