Mohammed Barkindo: OPEC needs to reassess management structure under conditions of energy transfer

11:51 13.07.2020 1073

The COVID-19 pandemic has proven that it is necessary to reconsider the architecture of energy management, climate change and, possibly, geopolitics, said Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Mohammed Barkindo, INTERFAX reports."After COVID-19, we, as an industry, should dwell in great detail on what types of structures we need to leave, based on the experience of these several months and on the shocks that the world has experienced in order not only to avoid future troubles, but also to make the world on the right pedestal in terms of energy and climate change. We really need to come up with a governance structure that will prepare the transition in accordance with the climate agenda", - he said in an interview with IHS “Markit” Senior Vice President Carlos Pasqual.The European Union has adopted a policy to end the use of fossil fuels, which is oil. As EU Commissioner for Energy Kadri Simson said: “Our main message to them (partners) is that the EU’s goal is to become climate neutral by 2050.” “This means that by then we will be phasing out fossil fuels”, - she said.Barkindo noted that the pandemic has affected both climate and human communities around the world. “There are some forecasts that we will not be able to continue in this vein. And the structures that we have now (OPEC regulates the oil market by agreeing on the volume of production cuts between the participating countries - IF) may not be suitable for us. This it depends on us, as on the industry, on politicians, on scientists, to come together without any hindrance, to really conduct a global assessment of what we have", - he said."OPEC will turn 60 in September this year. We intend to use this opportunity to evaluate our existence over the past 60 years - what we have lost, where we would have to act separately, and how we will adapt to a rapidly changing world in the future", - Secretary General of OPEC summed up.

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