OPEC Secretary-General, Nigeria’s Mohammad Barkindo, has died unexpectedly at the age of 63, it was announced on Wednesday, leaving the oil cartel headless 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 10 other oil-producing countries like Russia to form a larger group called OPEC+ to better tame global oil prices, which have been rocked by the challenges of the coronavirus pandemic and more recently the war in Ukraine .
“We have our esteemed Dr. (Mohammad) Sanusi Barkindo lost. He died yesterday, July 5, 2022, around 11:00 p.m.,” Nigerian National Petroleum Corporation Chief Executive Mele Kyari tweeted, without giving further details on the circumstances of Barkindo’s death.
“Certainly a great loss to his immediate family, the NNPC, our country Nigeria, OPEC and the global energy community. Funeral arrangements will be announced shortly,” Kyari wrote.
“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.”
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”.
– “Trailblazer” –
“They were able to successfully steer the organization through tumultuous challenges,” Buhari had said.
In a statement, OPEC expressed its “immense sadness and sadness” at the news and described Barkindo as “a trailblazer admired and respected around the world.” A dear friend to many.”
Born on April 20, 1959, Barkindo received his bachelor’s degree in political science from Oxford and Washington.
In 1986 he became Nigeria’s representative to OPEC. From 1992 he held a number of positions within NNPC, taking on the position of Chief Executive of the oil major in 2009/10.
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 “will change the status quo given Kuwait’s close ties with Saudi Arabia, the exercises the most, predicts “influence” within the group.
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