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OPEC not to blame for soaring inflation, secretary general tells CNBC

Commodities Aug 17, 2022 06:00AM ET
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© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured on the outside of the new OPEC headquarters in Vienna March 16, 2010. REUTERS/Heinz-Peter Bader/File Photo

(Reuters) - Inadequate investment in the oil and gas sector is the chief reason behind the recent spike in prices and OPEC is not to blame, OPEC Secretary-General Haitham Al Ghais told CNBC on Wednesday.

"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 told CNBC. (https://cnb.cx/3QUez6h)

“OPEC is not behind this price increase.”

OPEC not to blame for soaring inflation, secretary general tells CNBC
 

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Comments (1)
Barani Krishnan
Barani Krishnan Aug 17, 2022 8:15AM ET
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And none of those countries that underinvested in oil exploration, sans the US, are OPEC members?
 
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