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OPEC Secretary-General: OPEC not to blame for rising prices, investment needed
MOSCOW. Aug 17 (Interfax-Ukraine) – OPEC is not to blame for the spike in energy commodity prices, with chronic underinvestment the reason behind this, new OPEC Secretary-General Haitham Al Ghais told CNBC in an interview.
"We feel very optimistic about oil demand this year. I’m personally quit bullish on demand. I think there is a lot to come from China still, the liquid gas with gas prices spiking lately, we see a big move to consuming more oil in Europe, which is unforeseen, let along the other part of the world – Asia, the Middle East," Al Ghais told CNBC.
He said that the missing factor is still jet fuel recovery and bringing demand back to its pre-Covid-19 level albeit. OPEC estimates that by the end of this year the pre-Covid-19 level will be.
Al Ghais said Wednesday that the influential producer group is not to blame for soaring inflation, pointing the finger instead at chronic underinvestment in the oil and gas industry.
"OPEC is not behind this price increase," Al Ghais told CNBC.
