This was one of the key messages in the speech that OPEC’s Secretary General Mohammad Barkindo delivered at the Oil & Money Conference in London this week. The oil market isn’t necessarily all in on OPEC’s ‘well-supplied’ narrative—the perception among market participants has been for weeks that the market is short on oil and will continue to tighten even more when U.S. sanctions on Iran snap back in three weeks’ time and Venezuela’s unstoppable production decline continues. Despite assurances from oil experts and officials that there isn’t any shortage of supply, the ‘fear factor’—as Vitol’s chairman Ian Taylor put it—has largely, until today, overshadowed fundamentals and is making the oil market more emotional than usual. OPEC’s chief attempted to calm market fears, assuring delegates at the London conference this week that there is plenty of oil to go around, that Russia and Saudi Arabia are adding supply as promised […]