Oil sector under siege due to underivestment, says OPEC secretary-general

ABUJA: The oil and gas industry is facing huge challenges on multiple fronts and is “under siege” due to years of underinvestment globally that has led to market tightness, Mohammad Barkindo, the OPEC secretary-general,  said on Tuesday.

“Our industry is now facing huge challenges along multiple fronts,” he told delegates at an energy conference in Nigeria’s capital.

“And these threaten our investment potential now and in the long term, to put it bluntly, my dear friends, the oil and gas industry is under siege,” he said, citing geopolitical developments in Europe.