OPEC has no control over the events that have led to the run up in global oil prices but is committed to ensuring security of supply, OPEC Secretary General Mohammad Barkindo said on Monday.
Benchmark Brent crude prices touched a 14-year high of over $139 a barrel on Monday as the United States and European allies considered banning Russian oil imports following Russia's invasion of Ukraine.
The situation in the markets was likely to be a game-changer in the energy transition, Barkindo told reporters at an industry conference in Houston
Sanctions already imposed on Russian banks have already left oil trade from Russia, one of the world's top producers of oil and gas, in disarray.