OPEC’s Barkindo: New COVID variants affected situation in oil market

The oil market continues to face uncertainties stemming from the COVID-19 pandemic, OPEC Secretary-General Mohammad Barkindo told reporters on the sidelines of an energy forum in Moscow on Oct. 14, Report informs referring to Reuters.

“The market is taking its course in accordance with supply and demand fundamentals. But we must admit there are external factors that are influencing the evolution of the market,” he said.

Regarding how COVID-19 is creating uncertainty, Barkindo pointed to “responses by the governments as the various variants, mutations emerge and how the world is able to upscale the vaccination rates in particular in developing countries.”