Al-Ghais Becomes New OPEC+ Sec Gen Following Passing Of Mohammad Barkindo

OPEC Secretary General Mohammad Barkindo has died shortly before completing his term as head of the group of oil producing countries.

• The timing of his death has mitigated much of the political risk associated with his passing as Barkindo’s successor Haitham Al-Ghais, of Kuwait, was scheduled to take the reins on August 1.
• It should be noted that OPEC's key decisions are made by Saudi officials, but the Secretary General has a diplomatic role that can be valuable during periods of uncertainty.
• Al-Ghais comes with previous experience as Kuwait’s OPEC Governor from 2017 to 2021 and head of the Kuwait Petroleum Corporation (KPC).
• One of the key questions will be how Al-Ghais manages the transformation of OPEC which occurred under the stewardship of Barkindo. The Nigerian oversaw the OPEC+ agreement which brought Russia into the cartel. A move which has since tested the political neutrality of the group.
• Russian Deputy Prime Minister Alexander Novak said today that Barkindo "made a significant contribution to the formation of a consolidated position of the participating countries.”
• NJ Ayuk of the African Energy Chamber says Barkindo “skillfully brought all parties to the table” to resolve the Saudi-Russian price war and guided an OPEC+ agreement to reduce output to stabilise oil markets during COVID-19.
• Al-Ghais will be faced with an ongoing oil supply crisis, divergent views within the bloc over how to approach Russia, and how rapidly the group should return to full production.