A Review of the Nigerian Energy Industry

OPEC helmsman calls for solution to energy poverty

*Mohammed Barkindo speaking at the 2018 Nigeria International Petroleum Summit, Abuja.

OpeOluwani Akintayo

21 June 2018, Sweetcrude, Lagos – The Secretary-General of the Organisation of the Petroleum Exporting Countries, OPEC, Dr. Mohammed Barkindo, has called on the world to find a lasting solution to the nagging challenge of energy poverty.

He made the call in his remarks at the 7th OPEC International Seminar, held on Wednesday, 20 June at the Hofburg Palace, Vienna, Austria.

According to Bakindo, oil has played an indispensable role in fueling our modern civilisation, stimulating economic growth, development and helping elevate billions of peoples across continents out of poverty, hence, oil will no doubt be vital to future generations.

He urged the world not to forget that around 3 billion people do not have clean fuels for cooking, and 1.1 billion have no access to electricity, “something that all of us here take for granted”.

“When we start up our cars, switch on a light, turn on our mobile phones, we need to recognise that these everyday things are still unknown to billions of people across the world who continue to suffer from energy poverty.

“It is a universal obligation to address this major challenge in the energy transition. The future of oil and mankind are inextricably linked,” he said.

He added that the impact of the historic Declaration of Cooperation, DoC, by OPEC and its allies led by Russia has “exceeded even the most optimistic of predictions”.

“We have not only turned a historic page, but a new glorious chapter is being authored in the history of the industry by OPEC and its non-OPEC partners.

“Bringing together 24 producing nations is unparalleled in the history of the oil industry. It is also a platform that is open to all producers”.

“The historic ‘Declaration of Cooperation’ literally rescued the oil industry from its worst-ever downturn and now constitutes a fundamental and essential feature of the ‘new world of energy”.

Over the last 18 months, this cooperation has helped return more balance to the oil market, more optimism to the industry and has had a positive impact on the global economy and trade worldwide.

Speaking on the group’s next step about the oil-cut deal, Barkindo said in the coming months, it will look to institutionalise the deal for continuity with an all-inclusive and broad-based participation.

 

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