(Bloomberg) -- The outgoing general secretary of OPEC, Mohammad Barkindo, said that while oil prices in the futures markets have risen more than 30% since Russia invaded Ukraine, there’s “no physical shortage of oil, as of this morning.”
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The futures markets are “paper barrels,” but in the physical market supplies are guaranteed, Barkindo said in an interview to Bloomberg TV during CERAWeek by S&P Global in Houston. OPEC and its allies will continue to guarantee supplies to the market.
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