Years of sanctions have limited supplies from Iran and Venezuela, said Barkindo.
In addition, the West has imposed sanctions on Russia, a member of Opec+ that groups the Organization of the Petroleum Exporting Countries and allies, following Moscow's invasion of Ukraine on Feb. 24, tightening oil markets further.
The strain on the industry has been increased by some countries' efforts to divest from hydrocarbons, he said.
While they are seeking to limit global warming, he said oil demand was growing even as investment in capacity falls and prices surge.
Nigeria's oil minister Timipre Sylva said Africa's top oil producer would not abandon fossil fuels.
''We have however adopted our vast gas resources across the country as a transition fuel,'' Sylva said.
Barkindo forecast primary demand for oil globally would increase up to 2045, while refining capacity in the Organisation for Economic Cooperation and Development countries fell by 3.3% in 2021.
Published : July 06, 2022
By : Reuters