OPEC Chief Says Focus Is on Keeping Market Well-Supplied

Despite steadily reviving halted production, the Organization of Petroleum Exporting Countries has struggled to meet its supply targets, largely due to lack of investment. Some, such as Libya, are also struggling with internal unrest. Those shortcomings, combined with geopolitical tensions in Eastern Europe, have helped push oil prices higher, Barkindo said.

Brent crude earlier on Monday rose above $96 a barrel, the highest intraday level since 2014. In a report published last week, OPEC said global fuel use could grow by more than the 4.3% that it’s currently projecting for 2022.

If demand continues to grow at the group’s projections, “the world will continue to be thirsty for oil for the foreseeable future,” Barkindo said