CNBC: OPEC not to blame for soaring inflation, new chief says, citing underinvestment in oil and gas
* New OPEC Secretary-General Haitham Al Ghais said Wednesday that the influential producer group is not to blame for soaring inflation.
* “There are other factors beyond OPEC that are really behind the spike we have seen in gas [and] in oil. And again, I think in a nutshell, for me, it is underinvestment — chronic underinvestment,” Al Ghais told CNBC’s Hadley Gamble.
* On OPEC’s ties with Russia, Al Ghais said the group has a “solid” relationship with Moscow and it always seeks to separate politics from its market stabilizing objectives.
New OPEC Secretary-General Haitham 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’s Hadley Gamble. “There are other factors beyond OPEC that are really behind the spike we have seen in gas [and] in oil.
And again, I think in a nutshell, for me, it is underinvestment — chronic underinvestment,” he added.
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Update: "Running On Thin Ice": OPEC Head Warns Of Oil Squeeze (Zero Hedge)
WNU Editor: Who wants to invest in oil production when Western leaders like Biden and Trudeau are vowing to put the oil industry out of business. In the meantime the big winners in this oil squeeze will be oil producers like Russia and China .... Saudi Aramco's profits shoot up 90% to another record as the energy crisis sends oil prices soaring (Buisness Insider).
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