There is no physical shortage of oil
Even as oil prices have soared over 30% amid the Russia-Ukraine war, there’s “no physical shortage of oil, as of this morning,” OPEC Secretary-General Mohammad Barkindo said in an interview with Bloomberg TV during CERAWeek by S&P Global in Houston.
The futures markets are “paper barrels,” but in the physical market supplies are guaranteed, he added.
Market reaction
WTI keeps the bid tone intact around $126, eyeing a retest of the multi-year highs of $130.50 reached on Tuesday. The black gold is higher by 1.80% so far.
