OPEC not to blame for soaring inflation, secretary general tells CNBC
The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. Photo :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.
"OPEC is not behind this price increase."
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