Sinking Oil Prices Mean Fragile Unity for OPEC’s New Chief
- Mohammed Barkindo becomes secretary general on August 1
- OPEC at ‘critical time’ as cost of new strategy hits members
New OPEC Chief Faces Fragile Unity
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When OPEC’s new chief starts next week, he’ll take over an organization that’s largely reconciled internal differences after a two-year fight over strategy. But as oil prices sink again, that unity could be at risk.
Nigerian Mohammed Barkindo will be the first new top official at the Organization of Petroleum Exporting Countries in almost a decade. He comes to the role after a dispute over output policy split OPEC’s richest and poorest nations and marked the final months of his predecessor’s tenure. While members now back Saudi Arabia’s tactic of pumping without restraint to choke off supply from rivals such as U.S. shale drillers, many struggle with its effects.