OPEC moves to calm oil supply fears as India slams high prices

NEW DELHI: OPEC again sought to reassure markets after one of its biggest customers complained about the pain of high prices. OPEC nations and its allies with spare capacity have given their assurance that “they are ready and willing to continue to make sure that the market remains well supplied,” Barkindo said at the Oil & Money conference in London. The market balance may be “fragile” but that’s not a result of fundamentals, Barkindo said. The oil-market balance is continually being tested, but prices have reacted to perceptions of scant supply, not real shortages, he said. The 25 countries in the coalition of OPEC and non-members — known as OPEC+ — are still working on turning their ad-hoc alliance into something more permanent.

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