The oil and gas industry is facing huge challenges on multiple fronts and is "under siege" due to years of underinvestment globally that has led to market tightness, the OPEC Secretary General Mohammad Barkindo said on Tuesday.
"Our industry is now facing huge challenges along multiple fronts," he told delegates at an energy conference in Nigeria's capital.
"And these threaten our investment potential now and in the long term, to put it bluntly, my dear friends, the oil and gas industry is under siege," he said, citing geopolitical developments in Europe.
The fallout from the war in Ukraine has left many countries globally vulnerable to soaring energy prices. (Reporting by MacDonald Dzirutwe and Camillus Eboh Writing by James Macharia Chege Editing by Estelle Shirbon)