OPEC secretary-general dies, just weeks shy of departure – Tampa, Florida

Tampa, Florida 2022-07-06 20:56:29 –

The secretary-general of the Organization of Petroleum Exporting Countries has died, and Nigerian authorities and an oil cartel announced on Wednesday. Just hours before his death, he met with the President of Nigeria and spoke to defend the energy industry amid rising climate change pressures.

A Nigerian oil ministry spokesman told The Associated Press that 63-year-old Mohammed Barkindo died in Abuja late Tuesday. The reason for his death was not immediately apparent. A Vienna-based oil cartel also confirmed his death, stating that he was OPEC’s “very beloved leader.”

His death was a surprise to industry insiders. His second term as OPEC Chief was set to end on July 31st in three weeks. He has been holding the post for six years since 2016.

Balkind’s death was first confirmed in a tweet by Melecari, managing director of the Nigerian National Petroleum Company.

According to an OPEC statement, the last word to Balkind’s friends was that he was pleased that he had finished his term as Secretary-General, did his best and was proud of the people who served with him. It was that there was.

Balkind led the crude oil block through the most turbulent times in recent memory, including during the COVID-19 pandemic, when oil prices plummeted due to declining demand. He helped guide the group and sought to unify the positions of the members.

OPEC’s 13 member states have proved reserves of 1.24 billion in it, which represents 80% of the world’s share. OPEC producers account for just under 38% of the world’s total crude oil production.

His role on behalf of OPEC has become even more important in the last few years in its global commitment to climate change. Balkind advocated using his platform to support the greater role of the energy industry in conversations about energy transformation. This puts him firmly on the side of oil producers who say they need more investment in oil and gas until the world can operate on alternative energy sources.

“Our industry is currently facing major challenges in several areas, which threaten our investment potential now and in the long run. Frankly, the oil and gas industry is under siege. Has been, “he said in Nigeria.

UN-sponsored research scientists and authors say the world needs to cut coal, oil and gas production by more than half over the next decade to maintain an opportunity to prevent global warming from reaching dangerous levels. It states that there is. To do this, they say, they need to stop investing in oil and gas and reroute to cleaner forms of energy.

However, Balkind’s legacy is probably most relevant to his last year of maneuvering OPEC, as the group has signed an agreement known as OPEC + with Russia, a major non-OPEC producer. The agreement, led by Saudi Arabia and Russia, has been criticized in the midst of current soaring oil prices, and the world is out of the pandemic, despite the US and other Western nations trying to squeeze Russia’s economy in the war. As it has helped the stable oil market in Ukraine. Brent crude has skyrocketed above $ 100 a barrel this year.

OPEC member countries accounted for about 48% of global crude oil exports last year. Saudi Arabia is by far the largest oil exporter in OPEC, with oil exports of 6.23 million barrels per day last year. Russia, a non-OPEC producer, exported 4.5 million barrels of crude oil last year.

High Sam Al Geis, the successor to Kuwait Petroleum’s veteran Balkind, was scheduled to take office in August.

Born in Yola, the eastern city of Nigeria, Balkind began his career at the Nigerian Mining Corporation in 1982 and has played multiple roles at the Nigerian National Petroleum Corporation, including the CEO, for over 20 years. He also served as Deputy Managing Director of Liquefied Natural Gas in Nigeria.

He led the Nigerian technical delegation to the United Nations Climate Change Negotiations for many years and served as Vice-Chair of the United Nations Conference of the Parties to Climate Change for several years.

He attended a university in Nigeria, earned a graduate degree in oil economics from Oxford University in the UK, and an MBA from the University of Washington in the United States.

At a meeting in Abuja on Tuesday, Nigerian President Muhammad Buhari told Balkind, “Welcome back!” According to the OPEC reading of the conference. Buhari also congratulated him on his tenure at OPEC. Nigeria has been a member of OPEC for 50 years.

Balkind was scheduled to join the Atlantic Council as a prominent fellow next month after completing his term at OPEC. He frequently spoke at the Atlantic Council’s Global Energy Forum.

Additional reporting via Associated Press.

Newsy is the only free national news network in the country, 24 hours a day, 7 days a week. You can find Newsy using your TV’s digital antenna or stream for free. See all the ways you can watch Newsy here..

OPEC secretary-general dies, just weeks shy of departure Source link OPEC secretary-general dies, just weeks shy of departure

Back to top button