OPEC's Barkindo says Venezuelan, Iranian oil could ease energy crisis

OPEC Secretary General Mohammad Barkindo speaks during the CERAWeek conference in Houston, Texas, U.S., March 7, 2022. REUTERS/Daniel KramerABUJA, July 5 - The oil and gas industry is "under siege" due to years of under-investment, the OPEC Secretary General Mohammad Barkindo said on Tuesday, adding the resulting supply shortage could be eased if extra supplies from Iran and Venezuela were allowed to flow.

Strain on the industry has been increased by some countries' efforts to divest from hydrocarbons, he said. While they are seeking to limit global warming, he said oil demand was growing even as investment in capacity falls and prices surge."For us in Nigeria, fossil fuel will always have a share in our energy mix, for the foreseeable future. We will not at this time abandon fossil fuels. We have adopted ... gas as a transition fuel," he said.

"The ongoing war in Ukraine, a COVID-19 pandemic which is still with us, and the inflationary pressures across the globe have come together in a perfect storm that is causing significant volatility and uncertainty in the commodity markets in general. More importantly, in the world of energy," he said.

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