Economy. Outgoing OPEC Secretary General Mohammed Barkindo dies

Nigerian Mohammed Barkindo (outgoing secretary general of the Organization of the Petroleum Exporting Countries) (OPEC) has died Tuesday night at the age of 63.

Economy. Outgoing OPEC Secretary General Mohammed Barkindo dies

Nigerian Mohammed Barkindo (outgoing secretary general of the Organization of the Petroleum Exporting Countries) (OPEC) has died Tuesday night at the age of 63. This was according to the Nigerian National Petroleum Corporation (NNPC), which announced his death Wednesday. He had previously held several positions.

Mohammed Barkindo, NNPC Director-General Mele Kyari, tweeted that "we have lost our esteem". He did not specify the circumstances of his death. It is a terrible loss for his family, NNPC and OPEC as well as the entire global energy community. He said that funeral arrangements would be announced soon.

This news was announced hours after a meeting with President Muhammadu Buhari in Abuja. Buhari praised Mohammed Barkindo for his "brilliant work" at OPEC where "he managed navigate through rough waters."

Contacted immediately by AFP, Vienna-based cartel did not respond.

The Nigerian official had been in office since 2016. In August, Kuwaiti Haitham Al–Ghais was to replace him.

Although OPEC's secretary-general does not have any executive power, he is a public figure and acts sometimes as a diplomat to facilitate talks between countries with different interests such as Saudi Arabia or the United States. Iran.

Mohammed Barkindo was the leader of OPEC, joining ten countries, including Russia in an OPEC Agreement signed in 2016. This agreement aimed to regulate the market.

The group's market influence was diminished by the rise in shale oil production in the United States. This alliance helped producers limit their black gold extractions following the Covid pandemic. -19.

After a significant market shock in April 2020, this effort pushed prices higher.

OPEC has been under pressure and criticism from consumers countries since the outbreak of war in Ukraine. This has caused a spike in prices.

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