OPEC’s Barkindo responds to Trump: We saved the oil industry

Comments from Barkindo

• The OPEC/non-OPEC agreement rescued the oil industry from imminent collapse
• The OPEC-led supply cut deal has not only arrested the decline, but rescued the industry
• Production deal now on course to restore stability on a sustainable basis

Well now that’s taking it too far. The oil industry wasn’t doing great, but it wasn’t collapsing. However, there probably would have been a total lack of investment and you would have ended up with much higher prices later.