OPEC's Barkindo says Russia's war is a 'game changer' in the global energy market.

On Monday, OPEC Secretary General Mohammad Barkindo stated that despite rising energy costs, the organization's goal is to remain a dependable energy provider.

The oil-producing alliance has no control over current events, as geopolitics have now taken over and are dictating the pace of the market, according to him.

At CERAWeek by S&P Global, Barkindo commented on the energy industry's turmoil following Russia's invasion of Ukraine, which has caused supply concerns and driven prices to unprecedented levels. Oil reached a high of $130 on Sunday evening, its highest point since 2008, while European natural gas prices are currently trading at record highs.

OPEC and its allies, collectively known as OPEC+, have chosen to maintain production levels.

The group decided to adhere to their previously agreed schedule to increase output by 400,000 barrels per day in April, as part of their plan to unwind the almost 10 million barrels per day they removed from the market in April 2020 due to the pandemic's impact on petroleum product demand.

Russia, being a member of OPEC+, is one of the world's largest oil producers and the second-largest producer of natural gas. The financial sanctions imposed by the US and its allies have indirectly affected the country's energy industry, and officials have warned of more sanctions to come.

Barkindo was direct in his assessment of the enduring effects of Russia's invasion.

He stated that the energy transition is likely to experience a significant shift on a global scale.

He admitted that he was hesitant to attend CERAWeek, but later stated that it's crucial to maintain open communication channels, particularly during crises such as the current global crisis.

He stated that the only option we have is to remain on our current path.