OPEC’s Barkindo Says There’s ‘No Physical Shortage’ of Oil

(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.” 

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. 

©2022 Bloomberg L.P.