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The oil and gas industry has been under siege due to years of underinvestment. OPEC Secretary General Mohammad Barkindo said, adding that the resulting supply shortfall could be reduced if additional supplies from Iran and Venezuela were allowed, Reuters reported.

According to him, the burden on the industry has increased due to the efforts of some countries to abandon hydrocarbons.

Despite the desire to limit global warming, the demand for oil is growing, even though investment in capacity is falling and prices are rising.

According to Barkindo forecasts, the primary demand for oil in the world will increase until 2045, while refining capacities in the countries of the Organization for Economic Cooperation and Development will fall by 3.3% in 2021.

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