OPEC secretary-general, Mohamed Barkindo said There are many non-fundamental factors affecting the oil market that are beyond the control of the oil producers, that was at the London Oil and Finance Conference, he added that he want to ensure there is no shortage of crude in the market.
Oil prices rose this year amid expectations of US sanctions on Iran, OPEC's third largest oil producer. Brent crude and crude prices hit their highest level in four years last week.
The OPEC secretary-general criticized a report calling for a radical decision to combat climate change, saying the idea that renewable energy was the only future in the world was misleading. The UN panel this week called for unprecedented changes in how the world consumes energy and dramatically increases the use of renewable energy to contain global warming and protect the planet.
OPEC raised its forecast for global oil demand growth last month and now expects oil consumption to reach 101.9 million bpd in 2020, up by 1.2 million barrels per day from last year's report. In the long term, demand for oil is expected to increase by 14.5 million bpd to reach 111.7 million bpd by 2040.
