The Organization of Petroleum Exporting Countries (OPEC) continues to influence global energy systems, despite challenges to its unity and market share. Just this year, global leaders called upon OPEC to increase output to bring down oil prices.
But the organization comes under tremendous scrutiny for many of the decisions it makes, with some arguing that it has not done enough to address oil price spikes and others questioning its role generally.
For a look at how OPEC is navigating the current oil crisis and the broader clean energy transition, host Jason Bordoff spoke with His Excellency Mohammad Barkindo.
Barkindo has served as secretary general of OPEC for the last six years, with his term set to end in July. His tenure at OPEC has coincided with major upheavals in the global oil market, including the supply glut of the mid-2010s, the COVID-19 pandemic, and the war in Ukraine. He previously represented Nigeria at OPEC and held various senior roles at the Nigerian National Petroleum Corporation.
The pair discussed OPEC’s role amid political turmoil, rapidly fluctuating energy markets, changes within the oil industry, along with Barkindo’s reflections on his time at OPEC’s helm.
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Earlier this month, OPEC+ leaders Saudi Arabia and Russia announced further voluntary production and export cuts, with the former alone accounting for nearly half of the OPEC+ aggregate.