OPEC not to blame for soaring inflation, secretary general tells CNBC
Reuters
Published Aug 17, 2022 05:57AM ET
(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.”
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Written By: Reuters
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