Saudi Arabia assured OPEC of maintaining oil production after attacks on the country's oil facilities. According to Interfax-Kazakhstan, OPEC Secretary General Mohammed Barkindo said this at the Kazenergy energy forum in the capital of Kazakhstan.
"He (the king of Saudi Arabia - IF) also promised that Saudi Arabia will maintain the level of production as agreed on September 12 in the UAE," said Barkindo. “Any undermining of the safe supply of oil and gas anywhere in the world is a big violation for OPEC industry and the economy.”
The OPEC Secretary General noted that over the past few months, the global oil market has been "saturated with uncertainty due to trade disputes and geopolitical events." "This uncertainty was also exacerbated by recent attacks on supplies to Saudi Arabia, the largest producer in the world. About 5.7 million barrels of production were taken out of the market. Thus, the price of oil soared by more than 7%, this is the largest volatility. which we saw over the past 30 years, "said Barkindo.
"A quick response from the kingdom government and the national oil company about the intention to restore production was crucial in order to avoid expanded volatility," he added.