OPEC Secretary-General Nigeria’s Mohammad Barkindo has died aged 63, leaving the oil cartel in “shock” on Wednesday at a turbulent time for markets.
Barkindo had headed the Organization of the Petroleum Exporting Countries since 2016 and was due to be replaced by Kuwait’s Haitham Al-Ghais next month.
Under his leadership, the cartel forged ties with Russia and nine other oil-producing countries to form a larger group called OPEC+ to better stabilize oil markets.
After OPEC+ cut production during the pandemic to boost prices, the group of 23’s moves have failed to calm markets – with prices hitting record highs – in recent months amid the war in Ukraine.
Barkindo died late Tuesday and will be buried in his hometown of Yola on Wednesday, according to Nigerian National Petroleum Corporation chief executive Mele Kyari.
“Certainly a great loss to his immediate family, the NNPC, our country of Nigeria, OPEC and the global energy community,” Kyari wrote, without providing further details on the circumstances of Barkindo’s death.
– “Trailblazer” –
“This tragedy comes as a shock to the OPEC family,” Vienna-based OPEC tweeted.
“We express our sadness and deep gratitude for the more than 40 years of selfless service Barkindo has rendered to OPEC. His dedication and leadership will inspire OPEC for many years to come.”
In a statement, OPEC described Barkindo as “a trailblazer admired and respected around the world. A dear friend to many.”
Just hours earlier, Barkindo, who had shown no signs of illness, had met Nigerian President Muhammadu Buhari in Abuja, where Buhari praised Barkindo’s “outstanding performance at OPEC.”
“They were able to successfully steer the organization through tumultuous challenges,” Buhari had said.
In a speech last year, Barkindo himself described serving as OPEC general secretary for two terms as an “honor of a lifetime”.
The OPEC Secretary General does not exercise executive power, but is the face of the cartel to the outside world and often has to act as a diplomat in order to bring together the different, sometimes conflicting interests of the various member countries.
For analysts, Barkindo’s death will have no long-term implications for OPEC’s strategy.
“But in the short to medium term, this will increase uncertainty about OPEC’s next steps and increase price volatility as he has been a unit figure for OPEC,” said Swissquote analyst Ipek Ozkardeskaya.
Spi Asset Management analyst Stephen Innes described Barkindo as “a very important poster child and stabilizing force behind OPEC.”
“But his death is unlikely to change OPEC direction, although more foreign policy comes into the picture,” the pundit said, predicting that his successor Haitham Al-Ghais would “retain the status quo given Kuwait’s close ties with Saudi Arabia, the exercises the most, predicts “influence” within the group.
– “True friend” of Russia –
In a message to Nigeria’s Buhari, Russian leader Vladimir Putin praised Barkindo’s “important” and “personal contribution” to the establishment of OPEC+ and said Russia will remember him “as a true friend of our country”.
Russian Deputy Prime Minister for Energy Alexander Novak said Barkindo “defended a constructive dialogue with our country”.
Iraqi Oil Minister Ihsan Ismail said in a statement that Barkindo wanted to “bolster OPEC’s role in stabilizing global markets and addressing challenges affecting the oil sector and the global economy.”
Barkindo was born on April 20, 1959 and graduated in Political Science from Ahmadu Bello University in Kaduna State, Nigeria.
He later earned an MBA in Finance and Banking in the United States and studied Petroleum Economics in Oxford.
In 1986 he became Nigeria’s representative to OPEC. From 1992 he held a number of positions within the NNPC, including its leader from 2009 to 2010.
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