Opec secy general says determined to avoid an 'energy crisis'

Published May 2, 2019
Opec's Secretary General Mohammed Sanusi Barkindo attends the 24th International Oil, Gas, Refining & Petrochemical Exhibition at Tehran Permanent Fairground in the Iranian capital on May 02, 2019. — AFP
Opec's Secretary General Mohammed Sanusi Barkindo attends the 24th International Oil, Gas, Refining & Petrochemical Exhibition at Tehran Permanent Fairground in the Iranian capital on May 02, 2019. — AFP

Organization of the Petroleum Exporting Countries (Opec) is determined to avoid a global “energy crisis” as some of its members are facing international sanctions and others struggling with unrest, the cartel's secretary-general said in Tehran on Thursday.

“As an organisation, we will remain focused on our goal of avoiding an energy crisis that may affect the global economy,” Mohammed Barkindo said on the sidelines of an oil and gas exhibition.

Opec will pursue this policy “despite current troubles in several of its member countries", he said.

His comments came as the end of United States sanction waivers for purchases of oil from key Opec member Iran was due to kick in on Thursday.

Venezuela, another cartel member, is also facing sweeping US sanctions and in the throes of political troubles while fighting rages between rival forces for control Tripoli, capital of oil-rich Libya.

Barkindo did not name any country but said some Opec producers were “currently under unilateral sanctions”, a reference to Iran and Venezuela.

Another country “is also going through transitional challenges with all its potential consequences,” Barkindo said, also apparently about Venezuela where opposition leader Juan Guaido is trying to rally demonstrators against President Nicolas Maduro.

Another cartel member he said, alluding to Libya, “is fighting day in and day out to avoid an all-out war”.

Opec is “committed to stay united” and “not slip back into the chaos” it has faced in recent years, Barkindo said.

Iran, as a founding member of the organisation, has regularly slammed some of the cartel's members for going along with Washington's policies against Iran and lacking solidarity.

On Wednesday, Iran's oil minister Bijan Namdar Zanganeh accused Opec members he did not name of sowing “division” and threatening the cartel's “disintegration”.

These countries — he said referring to Iraq and oil kingpin Saudi Arabia — were “exaggerating” their production capacity to reassure markets after the US lifted sanction waivers for buyers of Iranian crude.

The end of the exemptions announced on April 22 have sparked fears of supply shortages and pushed prices up.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Digital growth
Updated 25 Apr, 2024

Digital growth

Democratising digital development will catalyse a rapid, if not immediate, improvement in human development indicators for the underserved segments of the Pakistani citizenry.
Nikah rights
25 Apr, 2024

Nikah rights

THE Supreme Court recently delivered a judgement championing the rights of women within a marriage. The ruling...
Campus crackdowns
25 Apr, 2024

Campus crackdowns

WHILE most Western governments have either been gladly facilitating Israel’s genocidal war in Gaza, or meekly...
Ties with Tehran
Updated 24 Apr, 2024

Ties with Tehran

Tomorrow, if ties between Washington and Beijing nosedive, and the US asks Pakistan to reconsider CPEC, will we comply?
Working together
24 Apr, 2024

Working together

PAKISTAN’S democracy seems adrift, and no one understands this better than our politicians. The system has gone...
Farmers’ anxiety
24 Apr, 2024

Farmers’ anxiety

WHEAT prices in Punjab have plummeted far below the minimum support price owing to a bumper harvest, reckless...