At an event on the energy sector here, the Secretary General of the oil cartel also said that "stability in the oil market is good for consumers like India".
He said that all the market players are determined not to allow a "relapse to the downturn" (in prices) which the market has been able to come out of.
On the dynamics of the oil market, Barkindo said that its market is driven by demand rather than supply. He also said that oil would continue to be a major source of energy in future.
Oil prices have off late been subdued due to the prolonged US-China trade war along with a weak outlook for the global economy.
Currently, Brent crude oil is trading around $59 per barrel, nearly 22 per cent lower than the peak of $75.60 per barrel recorded in April.