OPEC’s Barkindo Says Oil Sector ‘Under Siege’ Due to Underivestment

The oil and gas industry is “under siege” due to years of under-investment, the OPEC Secretary-general Mohammad Barkindo said on July 5, adding the resulting supply shortage could be eased if extra supplies from Iran and Venezuela were allowed to flow.

Years of sanctions have limited supplies from Iran and Venezuela.

In addition, the West has imposed sanctions on Russia, a member of OPEC+ that groups OPEC and allies, following Moscow’s invasion of Ukraine on Feb. 24, tightening oil markets further.