Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo (pictured) said on Tuesday that underinvestment put the global energy sector in a difficult position and has tightened the world's market.
Speaking at the Nigerian Oil and Gas Conference in Abuja, he emphasized that demand for energy will grow until 2045, according to OPEC estimates.
Barkindo blamed geopolitics for the lack of international energy policy cooperation and revealed that the refining capacity in Organization for Economic Co-operation and Development (OECD) countries fell 3.3% last year.
