Oil Price Rise Beyond Producers' Control, Opec Says
crude oil

The Organization of Petroleum Exporting Countries (Opec) has said oil producers cannot control oil prices in the global market.

This was said by the OPEC Secretary-General Mohammad Barkindo on Thursday where he added that there are many non-fundamental factors influencing the oil market.

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According to Barkindo, these factors are beyond the control of oil producers.

He said this at the Oil and Money conference in London, revealing that he wanted to make sure there is no shortage of oil in the global market.

Global oil prices have been in an upward surge recently following the US sanctions on Iran which cut off supplies.

Brent crude last week was pegged $86.74, the highest since 2014 with predictions showing that it would hit $100 dollars by the end of the year or early next year.