OPEC Secretary-General, Mohammed Barkindo, Dies Hours After Being Honoured By Buhari

President Muhammadu Buhari exchanges pleasantries with the outgoing OPEC Secretary-General, Mohammed Barkindo, at the State House in Abuja on July 5, 2022.

 

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Mohammad Sanusi Barkindo, has died, hours after being honoured by President Muhammadu Buhari.

Barkindo died on Tuesday evening, according to the Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari.

“We lost our esteemed Dr Muhammad Sanusi Barkindo,” Kyari said in a tweet.

READ ALSO: ‘You’ve Been A Worthy Ambassador,’ Buhari Praises Outgoing OPEC Chief Barkindo

“He died at about 11pm yesterday 5th July 2022. Certainly a great loss to his immediate family, the NNPC, our country Nigeria, the OPEC, and the global energy community.

Outgoing OPEC Secretary-General, Mohammed Barkindo, with President Muhammadu Buhari in Abuja on July 5, 2022.

 

“Burial arrangements will be announced shortly.”

‘Worthy ambassador’

Barkindo earlier on Tuesday had been honoured by President Buhari at the State House in Abuja for his work at OPEC.

Outgoing OPEC Secretary-General, Mohammed Barkindo, with President Muhammadu Buhari in Abuja on July 5, 2022.

 

His tenure as OPEC Secretary-General was scheduled to expire this July.

The President described him as a worthy ambassador of the country.

“You have indeed been a worthy ambassador of our country,” President Buhari was quoted as saying in a statement by his media adviser, Femi Adesina.

“We are proud of your achievements before and during your appointment at OPEC and the proud legacies you will leave behind.

 

“Your time in charge of the affairs of OPEC has been a very challenging one for the global oil industry. Oil producers were finding it difficult to come together to address challenges that were crippling the oil market.”

He added, “Not long after, the world was faced with the COVID-19 pandemic that sent crude prices spiralling down at an alarming rate. You showed incredible leadership to rally industry players and pushed through the turbulent times.

“There is no doubt about your efforts in putting together the Declaration of Cooperation which is the largest in the history of OPEC and the global oil industry and also the longest in duration in the history of the organization. This was a herculean task.”

‘You’ve Been A Worthy Ambassador,’ Buhari Praises Outgoing OPEC Chief Barkindo

President Muhammadu Buhari exchanges pleasantries with the outgoing OPEC Secretary-General, Mohammed Barkindo, at the State House in Abuja on July 5, 2022.

 

President Muhammadu Buhari on Tuesday expressed the nation’s gratitude to the outgoing Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, describing him as a worthy ambassador of the country.

Receiving Barkindo at the State House in Abuja, the President said posterity would remember him kindly for making the nation and himself proud during his six years of meritorious service at the helm of affairs as the fourth OPEC Secretary-General from Nigeria.

He directed the Ministry of Petroleum Resources and the Nigerian National Petroleum Company (NNPC) Limited to mobilise the oil and gas industry to organise a befitting welcome reception in honour of Barkindo.

“You have indeed been a worthy ambassador of our country,” President Buhari was quoted as saying in a statement by his media adviser, Femi Adesina. “We are proud of your achievements before and during your appointment at OPEC and the proud legacies you will leave behind.

“Your time in charge of the affairs of OPEC has been a very challenging one for the global oil industry. Oil producers were finding it difficult to come together to address challenges that were crippling the oil market.”

He added, “Not long after, the world was faced with the COVID-19 pandemic that sent crude prices spiralling down at an alarming rate. You showed incredible leadership to rally industry players and pushed through the turbulent times.

“There is no doubt about your efforts in putting together the Declaration of Cooperation which is the largest in the history of OPEC and the global oil industry and also the longest in duration in the history of the organization. This was a herculean task.”

The President heaped more praises on his compatriot for providing experienced administrative management to OPEC, saying his efforts have placed the organization in a stronger position to confront the challenges it will face in the coming years.

‘Worst Is Over’

In his remarks, Barkindo attributed his success to the tremendous guidance, charisma, and international gravitas of President Buhari, support from the OPEC secretariat in Vienna, and cooperation by members of the organisation.

He recounted how the counsel from President Buhari helped in the birthing of the Declaration of Cooperation of OPEC and non-OPEC oil-producing countries, after he assumed office in Vienna, Austria in 2016 during a downturn in the sector when oil prices plunged to less than 10 U.S dollars per barrel.

“It was very obvious to me that this was beyond OPEC alone to address,” said the outgoing OPEC boss. “We needed to get the support of other leading oil producers around the world. I recall that I did consult with you, and I drank from your fountain of wisdom and your deep reservoir of knowledge of OPEC and global affairs.

“With your advice and guidance, I set out to various capitals around the world to try to persuade them to understand the gravity of the situation and the need for them to urgently join hands with OPEC.

“I did explain to them that they do not have to be full members of OPEC but we could work together in a framework of cooperation and on the 10th December 2016 we signed this historic agreement in Vienna and on the 1st January, we started working together and we were able to assist the oil market to restore stability.”

Barkindo stated that the Declaration of Cooperation, which is now in its sixth year, also helped the organisation to navigate the turbulence in the market occasioned by the COVID-19 pandemic in 2020.

He explained that amidst COVID-19, the organisation took a decision to withdraw 9.6 million barrels per day from the market- the highest ever adjustment in its history- for a duration of two years.

Barkindo added that OPEC is now in the final lap of restoring the production figures due to a rebound in the global market and economy.

“Throughout the period of my tenure I have continued to benefit from the President’s international goodwill and everywhere I visited in the world both within OPEC and outside OPEC, the first person your fellow Presidents, prime ministers, and kings, ask me of is how is my brother, President Muhammadu Buhari,” he said.

Having survived the major turbulences in 2016 and 2020, Barkindo expressed confidence that the worst is over, and the future looks very promising for the organisation.

He, therefore, thanked President Buhari for giving him the opportunity to serve, pledging that Nigeria would continue to play its leadership role in OPEC as well as in the global oil industry.

Iran: OPEC Determined To Avoid ‘Energy Crisis’ – Barkindo

Barkindo
OPEC’s Secretary-General, Mohammed Barkindo

 

OPEC is determined to avoid a global “energy crisis” as some of its members are facing international sanctions and others struggling with unrest, the cartel’s secretary-general said in Tehran on Thursday.

“As an organisation, we will remain focused on our goal of avoiding an energy crisis that may affect the global economy,” Mohammed Barkindo said on the sidelines of an oil and gas exhibition.

READ ALSO: Nuclear Deal: Iran ‘Playing With Fire’ – Trump

The Organisation of the Petroleum Exporting Countries will pursue this policy “despite current troubles in several of its member countries,” he said.

His comments came as the end of US sanction waivers for purchases of oil from key OPEC member Iran was due to kick in on Thursday.

Venezuela, another cartel member, is also facing sweeping US sanctions and in the throes of political troubles while fighting rages between rival forces for control Tripoli, capital of oil-rich Libya.

Barkindo did not name any country but said some OPEC producers were “currently under unilateral sanctions” — a reference to Iran and Venezuela.

Another country “is also going through transitional challenges with all its potential consequences,” Barkindo said, also apparently about Venezuela where opposition leader Juan Guaido is trying to rally demonstrators against President Nicolas Maduro.

Another cartel member he said, alluding to Libya,  “is fighting day in and day out to avoid an all-out war”.

OPEC is “committed to staying united” and “not slip back into the chaos” it has faced in recent years, Barkindo said.

Iran, as a founding member of the organisation, has regularly slammed some of the cartel’s members for going along with Washington’s policies against Iran and lacking solidarity.

On Wednesday, Iran’s oil minister Bijan Namdar Zanganeh accused OPEC members he did not name of sowing “division” and threatening the cartel’s “disintegration”.

These countries — he said referring to Iraq and oil kingpin Saudi Arabia —  were “exaggerating” their production capacity to reassure markets after the US lifted sanction waivers for buyers of Iranian crude.

The end of the exemptions announced on April 22 has sparked fears of supply shortages and pushed prices up.

AFP

Kachikwu, OPEC Secretary-General Attend Petroleum Summit In Abuja

Kachikwu, OPEC Secretary-General Attend Petroleum Summit In Abuja
Photo: Twitter – @NNPCgroup// R-L: Dr Maikanti Baru, Mr Mohammed Barkindo, Mr Boss Mustapha, and Dr Ibe Kachikwu hold a discussion at the summit.

 

Nigeria held its inaugural edition of International Petroleum Summit on Monday in Abuja, the Federal Capital Territory.

The Minister of State for Petroleum Resources, Dr Ibe Kachikwu, presented the ministerial address while the Group Managing Director of the Nigeria National Petroleum Corporation (NNPC), Dr Maikanti Baru, delivered a speech at the event.

President Muhammadu Buhari was also attended at the event by the Secretary to the Government of the Federation, Mr Boss Mustapha.

In his address, Mr Mustapha announced the plans of the Federal Government to make Nigeria a major hub for investment in the oil and gas sector in Africa.

On his part, the Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, presented a keynote address on the World Oil Outlook 2018and the Energy Transition.

See photos from the event below:

OPEC Chief, Barkindo Welcomes Rebalancing Of Oil Market

OPEC General Secretary Mohammed Barkindo. photo: Yasser Al-Zayyat / AFP

OPEC secretary general Mohammed Barkindo welcomed the rebalancing of the world oil market, hinting the cartel would likely renew its output-cutting deal next month.

Barkindo made the comments at the annual Oil & Money conference in London, before the latest production meeting of the 14-nation Organisation of the Petroleum Exporting Countries (OPEC) in early November.

“There is no doubt that the market is rebalancing at an accelerating pace — and there is far more light at the end of the tunnel,” Barkindo told journalists on the sidelines of the industry event in the British capital.

The OPEC boss highlighted recent upward global demand revisions from various organisations including the Paris-based International Energy Agency watchdog.

He also spoke after Russian President Vladimir Putin declared in October it was possible to extend the OPEC deal “at least until the end of 2018”, during Saudi Arabian King Salman’s visit to Moscow.

“Putin gave a very pointed answer. We took it seriously — it was the president talking,” said Barkindo on Thursday.

He added that Saudi Energy Minister Khaled al-Faleh and Russian counterpart Alexander Novak would “take their cue” from Putin’s comments in upcoming discussions with other oil producers.

Late last year, the Saudi-led OPEC cartel joined with Russia and other producer nations in cutting crude output in a pact that has helped prop up prices.

The deal, which was subsequently extended through March 2018, has helped guide oil prices back above $50 per barrel.

OPEC will convene again on November 7 for the next scheduled gathering at its Vienna headquarters, where any deal extension will be decided upon.

“At the moment consultations are ongoing for the agenda for November, led by Saudi Arabia and Russia,” added Barkindo.

“Khaled al-Faleh is touring member countries and Alexander Novak the others. It would not be appropriate to comment.”

He noted that OPEC nations had increased their level of compliance with production targets in September from August, according to preliminary data.

Russia and Saudi Arabia are two of the world’s two biggest energy exporters.

AFP

Barkindo In Talks With Iran Oil Minister Over Global Oil Market Conditions

BarkindoA meeting between OPEC Secretary-General, Mohammed Barkindo and Iran’s oil minister to discuss global oil market conditions and crude prices has started in Tehran, the ministry’s official website reported on Tuesday.

“The meeting between the Organization of Petroleum Exporting Countries (OPEC) official and Minister (Bijan) Zanganeh started a few minutes ago. Barkindo arrived in Tehran on Monday night,” SHANA, the ministry’s information service, said.

Members of OPEC will meet on the sidelines of the International Energy Forum (IEF), which groups producers and consumers, in Algeria on Sept. 26-28.

They are expected to seek to revive a global deal to stabilise oil output levels.

Non-OPEC member, Russia, the world’s top oil producer, is also expected to attend the IEF.

Hit by global oversupply, oil prices collapsed to as low as $27 per barrel earlier this year from as high as $115 in mid-2014, but have since recovered to around $47.

Attempts by OPEC and non-OPEC oil exporters to reach a pact on freezing output earlier this year foundered because Iran, OPEC’s third-largest producer, declined to participate.

Iran has said that it would cooperate in talks to freeze output only if fellow exporters recognised its right to regain market share after the lifting of international sanctions in January under a nuclear deal with six major powers.

A senior Iranian official said on Monday that Iran was ready to raise its output to 4 million barrels per day in a couple of months depending on market demand.

OPEC kingpin, Saudi Arabia and Russia, agreed on Monday to set up a task force to review oil market fundamentals and to recommend measures and actions that would secure market stability.

Former NNPC GMD, Mohammed Barkindo is New OPEC Secretary-General

BarkindoA former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo, is the new Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC).

He replaces Libya’s Abdalla El-Badri, who had completed full terms.

OPEC has been looking for a replacement for El-Badri, who was elected as acting Secretary-General in December until the end of July after serving full terms.

Oil ministers from the 13-member group of powerful oil producing countries met in Vienna, Austria on Thursday, July 2.

The consensus of all members, which in the past had sometimes been elusive, is required for the appointment of a new secretary-general.

Barkindo was the NNPC GMD from 2009 to 2010. He has also been an acting Secretary-Genmeral of OPEC in 2006.

The Federal Government nominated Mr Barkindo for the position citing his qualification and experience.