Mohamed Sanushi Barcido stated that Greece has every reason to continue investing in LNG infrastructure, something that he said he conveyed in his meeting with the Prime Minister
The view that disinvestment in hydrocarbons is largely responsible for high oil prices OPEC President Mohamed Sanushi Barkido spoke exclusively to SKAI and Apostolos Maggeriadis.
“We have seen the 2021 recovery continue until 2022, but market conditions suggest that we have largely underinvested in this sector. As a result, we have not developed the capacity to meet this demand and therefore supply is lagging behind. Therefore, we need to bring back the global debate on the transition, to focus on the need to protect energy security for all. “In this energy transition, all energy sources are needed because the population growth continues by 20% and as you saw in the numbers I shared with you, the world economy will more than double by 2045,” he said.
Mr Barkido claims that after the low levels of the pandemic demand for oil and gas peaked suddenly resulting in a vertical rise in prices.
He also pointed out that market can not fill the gaps caused by the embargo on Russian oil and gas.
Finally, he argued that Greece has every reason to continue investing in LNG infrastructure, something that, as he said, he conveyed in his meeting with the Prime Minister and the competent ministers.
The interview in detail
Apostolos Maggeriadis: “Do you think that oil-producing countries can fill the gap in Russian exports?”
Mohamed Sanushi Barcido: The Russian Federation is one of the three largest producers and exporters of oil and gas in the world. Prior to the war in Ukraine in February, Russia produced nearly 11 million barrels of oil and liquids and also exported about 7.8 million barrels of crude oil and products a day. The world and the industry can not develop this capacity to maintain the necessary overcapacity to replace Russia’s production or exports.
Apostolos Maggeriadis: “Are high energy prices a reality we have to learn to live with?”
Mohamed Sanushi Barcido: No it should not. If governments and industry and other stakeholders come together, work together to implement integrated and sustainable solutions, mainly allowing the flow of capital investment in this industry, we should be able to reverse the trend smoothly and unhindered.
