Organization of the Petroleum Exporting Countries (OPEC) Secretary General Mohammed Barkindo noted on Monday the global oil market is facing a series of issues in relation to the ongoing geopolitical situation in the world and a "massive underinvestment" in the commodity.
Speaking to reporters at the 2022 Egypt Petroleum Show (EGYPS), Barkindo noted the planet will "continue to be thirsty for oil for the foreseeable future," particularly as OPEC is "beginning to have challenges" in accessing investment capital. He added that the situation has caused some of the organization's members to find it more difficult to "meet their targets." Still, Barkindo remarked he is "reasonably optimistic" the ongoing tensions between Russia and Ukraine will end diplomatically in restoring "peace and stability."
Earlier this month, OPEC predicted the global demand for crude oil will increase by 4.2 million barrels per day (bpd) in 2022 compared to 2021. Later, it reaffirmed its estimate.
