The energy sector faces enormous challenges on multiple fronts, the Secretary-General of the Organization of Petroleum Exporting Countries, Mohammad Barkindo. He added that the oil and gas industries are “under siege”, as reported by Reuters.
“Years of underinvestment in the oil sector help explain the tightness of the OPEC and non-OPEC market,” Barkindo said. He said that “Venezuelan and Iranian oil is hostage to geopolitics“.
The OPEC authority said that refining capacity in OECD countries decreased by 3.3% globally in 2021. “Unfortunately, we are seeing global energy cooperation fragmenting,” it said.
Barkindo said that “efforts to recklessly divest of hydrocarbons are becoming more pronounced lately” and warned that “untimely comments to discourage hydrocarbon exploration will cause a more pronounced energy crisis.”
Source: Fx Street
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