May 28, 2023

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OPEC secretary vows to help Venezuela ease oil shortages

He pointed out that the sanctions imposed by the West on Russia have affected the markets.

Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo stressed that if additional flows from Iran and Venezuela were allowed, the oil supply shortfall could be eased.

According to reports, he said at an energy conference in Nigeria, he argued that resources should be unlocked and allowed to return to the market, Iranian and Venezuelan oil.

The head of the oil organization, who assured that the hydrocarbon and gas industry has suffered for many years, the lack of investment in some countries, the tendency to get rid of oil, in his opinion, increases the “tension” in the sector.

Demand for crude oil is increasing, but investment in production capacity is falling, which is driving up prices, he said. He pointed out that the sanctions imposed by the West on Russia have affected the oil markets.

In this sense, global primary demand for crude oil is projected to increase until 2045, while refining capacity in the countries of the Organization for Economic Cooperation and Development is reduced by 3.3 percent in 2021.

“Our industry is now facing major challenges on multiple fronts, which threaten our investment potential now and in the long term,” Barkindo said.

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