He pointed out that the sanctions imposed on Russia by the West have affected the markets.
The secretary general of the Organization of Petroleum Exporting Countries (Opec), Mohammad Barkindo, asserted that the oil supply shortage might be alleviated if additional flows from Iran and Venezuela, limited by sanctions, are allowed, according to Prensa Latina.
According to the information, he told an energy conference held in Nigeria, he argued that resources might be unlocked and the capacity to be allowed to return to the market, Iranian and Venezuelan oil.
The leader of the oil organization assured that the hydrocarbon and gas industry has been affected for years, due to the lack of investment in the midst of a trend in some countries, to get rid of oil, a situation that in his opinion, “ tension in the sector increases.
He said that the demand for crude oil grows, but the investment in productive capacity falls, which causes prices to skyrocket. He pointed out that the sanctions imposed on Russia by the West have affected the oil markets.
In this sense, he stated that it was forecast that the primary demand for crude oil worldwide will increase until 2045, while the refining capacity in the countries of the Organization for Economic Cooperation and Development was reduced by 3.3 percent. in 2021.
“Our industry now faces enormous challenges on multiple fronts and these threaten our investment potential now and in the long term,” Barkindo said.
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