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Jeddah - Yasmine El Tohamy - ABU DHABI: Iraqi oil facilities are secured and the country’s production is continuing, OPEC’s Secretary General Mohammed Barkindo said on Wednesday.
“It’s a big relief that the facilities continue to be secured in Iraq, the production is continuing and effective,” Barkindo said on the sidelines of a conference in Abu Dhabi.
Meanwhile, UAE Energy Minister Suhail Al-Mazrouei said on Wednesday he saw no immediate risk to oil travelling through the vital gateway of the Strait of Hormuz after Iran attacked bases housing US forces in Iraq.
The situation is not a war, and what is happening now should not be exaggerated, Al-Mazrouei said on the sidelines of the UAE Energy Forum.
“We will not see a war,” Al-Mazrouei added. “This is definitely an escalation between the United States, which is an ally, and Iran, which is a neighbor, and the last thing we want is more tension in the Middle East.”
Barkindo said he was optimistic Iraq would reach 100 percent compliance with OPEC cuts in time, despite current tensions.
In a message to US President Donald Trump, Barkindo said OPEC alone could not shoulder the responsibility of maintaining a stable oil market.
Al-Mazrouei said he saw no situation to provoke a fear of supply shortage, with demand healthy and global oil inventories hovering around the five-year average.
OPEC would respond to any possible oil shortages if necessary, but it also had ‘limitations,’ he said.
“We can’t replace any quantity with the spare capacity we have.”
He stressed that he did not forecast any shortage unless the situation changed.
“We are not forecasting any shortage of supply unless there is a catastrophic escalation, which we don’t see.”
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