The oil and gas industry is under threat due to many years of underfunding, said OPEC Secretary General Mohammed Barkindo, writes Reuters.
According to him, now, when there is a war between Russia and Ukraine, the world has encountered a shortage of oil and gas. The deficit can be reduced if sanctions regarding oil and gas production are removed from Iran and Venezuela.
“We could release resources and strengthen the capacities if the oil produced in the Islamic Republic of Iran and Venezuela was allowed to return to the market,” Barkindo said at the energy conference in the capital of Nigeria.