Saturday, January 28, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home OPEC

Mohammad Barkindo, OPEC’s Top Official, Dies

7 months ago
in OPEC
Mohammad Barkindo, OPEC’s Top Official, Dies
Share on FacebookShare on Twitter

Latest Oil News

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

January 25, 2023
FG tasks 2023 OPEC’s President on attracting investments in oil

FG tasks 2023 OPEC’s President on attracting investments in oil

January 24, 2023


A prominent figure in the international oil industry, Mohammad Sanusi Barkindo, the secretary general of OPEC, died Tuesday in Nigeria, his home country, according to the oil producers group.

No cause of death was given. Mr. Barkindo, 63, had followed a busy schedule on Tuesday, giving a speech at a conference and meeting with Nigeria’s president, Muhammadu Buhari.

Mr. Barkindo took the helm of the oil producers’ group in 2016, during a turbulent period after prices had collapsed.

An OPEC secretary general’s role is not to set policy but to implement the wishes of the organization’s members, who are de facto led by Saudi Arabia. He had a moderating influence at OPEC, and helped make the group, whose workings are often mysterious to outsiders, better known to a wider audience, including in the United States. “Barkindo created a positive image of OPEC,” wrote Ibrahim AlMuhanna, a former Saudi oil official, in “Oil Leaders,” a recent book.

He was scheduled to leave his position at the end of July. In January, OPEC declined to give Mr. Barkindo a third term, and chose Haitham Al-Ghais, a veteran oil official from Kuwait, as his successor.

There is no indication that the change of leadership will influence how much oil OPEC produces.

Heading OPEC can be a tricky job that requires staying on the good side of officials with big egos and countries with competing interests, notably Saudi Arabia and Iran, which are often at odds over oil and other issues.

“He was great diplomatically,” said Amrita Sen, the head of oil at Energy Aspects, a research firm. “He did it with great flair.”

Mr. Barkindo came to head OPEC after a long career as an industry official and executive, including a brief stint as head of the Nigerian National Petroleum Corporation.

He was often credited with helping to revive and strengthen OPEC at a time when it was on the defensive because of surging oil production in the United States.

In a statement on Wednesday, OPEC said that Mr. Barkindo had “played a key role” in forming the wider group that came to be called OPEC Plus, which includes Russia, in 2016. OPEC also said that Mr. Barkindo had helped the group navigate major downturns, including oil price falls in 2015-16 and during the beginning of the pandemic in 2020.

Bringing Russia into decision-making on oil output was likely the most important change that occurred under Mr. Barkindo’s leadership. During the last five years, Riyadh and Moscow have often called the shots on production, with other OPEC members largely forced to go along.

Having Russia as an ally bolstered OPEC’s clout in its efforts to manage markets, but Riyadh now has a problem in deciding whether Moscow should continue as a co-leader of OPEC Plus. Russian production is being slowed by sanctions over the war in Ukraine, and it is no longer clear that Saudi Arabia and Russia share interests to the extent that they did previously.

For instance, the Saudis will probably want to send more oil to Europe to replace supplies from Russia as Europe’s embargo tightens, while Moscow might prefer that Europe felt the strain of the measures it is taking to punish the Kremlin for the war in Ukraine.

In his last speech, at an oil conference in Nigeria, Mr. Barkindo warned that the oil industry, in which he had spent his career, was now facing huge challenges, including volatile commodity prices because of geopolitics as well as pressures to reduce oil and gas consumption to mitigate climate change.

Mr. Barkindo suggested that it was unfair to blame the oil industry and oil producing countries for the current high prices. He said it was unrealistic to expect an instant recovery from the ravages of the pandemic that helped sap investment in the industry.

“You cannot turn a tap and solve the world’s oil needs overnight,” he said.



news.google.com

Tags: BarkindodiesMohammadofficialOPECsTop
Previous Post

PAC recommends reducing petroleum prices

Next Post

Oil Companies, Uber, Rivian and More By Investing.com

Related Posts

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

by Oil Market News
January 27, 2023
0

OPEC to Stay the Course on Oil Production Agreement; China's Reopening Bullish for Commodities, RBC Capital Markets Says Marketscreener.comOil Gains...

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

by Oil Market News
January 26, 2023
0

Comment on this storyCommentMonths after the White House vowed to punish Saudi Arabia for cutting oil output in defiance of...

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

by Oil Market News
January 25, 2023
0

Oil edged higher in a volatile session as technical market indicators signaled to traders that higher prices may be around...

FG tasks 2023 OPEC’s President on attracting investments in oil

FG tasks 2023 OPEC’s President on attracting investments in oil

by Oil Market News
January 24, 2023
0

“It is estimated that about 640 million Africans have no access to electricity” The Federal Government on Tuesday, tasked Equatorial...

Davos 2023: Big oil comes in from the cold on energy transition

Davos 2023: Big oil comes in from the cold on energy transition

by Oil Market News
January 23, 2023
0

Energy transition front and centre at Davos meetingEurope energy crisis forces moment of reckoningClimate activists sceptical of oil industry inclusionDAVOS,...

Will OPEC+ Cut Production In Early 2023?

Will OPEC+ Cut Production In Early 2023?

by Oil Market News
January 22, 2023
0

The OPEC narrative for 2022 was largely about the realities of supply and demand against the backdrop of a post-pandemic...

Next Post
Oil Companies, Uber, Rivian and More By Investing.com

Oil Companies, Uber, Rivian and More By Investing.com

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

WTI sinks further below $100 as recession risk spooks market

Shale drillers must speed up climate pledges

6 months ago
Texas pump average rises amid high crude price, supply disruptions caused by winter

Texas pump average rises amid high crude price, supply disruptions caused by winter

8 months ago
Photos: The year in Ukraine, month by month | In Pictures

Photos: The year in Ukraine, month by month | In Pictures

1 month ago
Canadian Overseas Petroleum Ltd says Shoreline venture extends agreement with Essar

Canadian Overseas Petroleum Ltd says Shoreline venture extends agreement with Essar

9 months ago
EIA Predicts A Record Drop In U.S. Shale Oil Production

EIA Predicts A Record Drop In U.S. Shale Oil Production

8 months ago
ADVERTISEMENT
Bob Simpson’s TXO Energy goes public, soars 10% on first trading day

Bob Simpson’s TXO Energy goes public, soars 10% on first trading day

January 27, 2023

Internet of Things-as-a-Service to Enable Improved Opportunities

January 27, 2023

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023

White House blasts Big Oil stock buybacks again as Chevron profits double

January 27, 2023

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023

Trinity To Spud Jacobin Well In Second Quarter Of 2023

January 27, 2023

Crude Oil

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

January 27, 2023
Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

Europe Is Diversifying Its Diesel Sources Ahead Of Ban On Russian Fuel

January 26, 2023
Opinion | Should the Strategic Petroleum Reserve Be Used Now?

Opinion | Should the Strategic Petroleum Reserve Be Used Now?

January 25, 2023
Rising Crude, Oil Products Inventories Weigh On Oil Prices

Rising Crude, Oil Products Inventories Weigh On Oil Prices

January 24, 2023

Investing

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

U.S. lawmakers ask Kerry to urge UAE to replace oil boss as COP28 president By

January 27, 2023
ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

ESG Investing Fight Is Heating up in Kentucky and Could Cost Taxpayers

January 26, 2023
Chevron goes big with new $75 billion buyback, surpassing Exxon’s By Investing.com

Chevron goes big with new $75 billion buyback, surpassing Exxon’s By Investing.com

January 25, 2023
Oil falls $2/barrel on economic jitters, U.S. crude stock build By Reuters

Oil falls $2/barrel on economic jitters, U.S. crude stock build By Reuters

January 24, 2023

Market

Chevron profits slip as oil and gas prices fall

Chevron profits slip as oil and gas prices fall

January 27, 2023
Big Oil’s cash bonanza | Financial Times

Big Oil’s cash bonanza | Financial Times

January 26, 2023
NYC pension schemes test support for climate action at bank meetings

NYC pension schemes test support for climate action at bank meetings

January 25, 2023
Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

Oilfield services groups cheer ‘structural upcycle’ after highly profitable year

January 24, 2023

OPEC

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

OPEC to Stay the Course on Oil Production Agreement; China’s Reopening Bullish for

January 27, 2023
Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

Biden vowed to punish Saudis over OPEC cut. That’s no longer the plan

January 26, 2023
Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

Oil Steadies as Traders Look to China, OPEC for Fresh Triggers

January 25, 2023
FG tasks 2023 OPEC’s President on attracting investments in oil

FG tasks 2023 OPEC’s President on attracting investments in oil

January 24, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.