The head of OPEC, Barkindo, dies at age 63, shocking the oil cartel.

Mohammad Barkindo, a Nigerian who served as Secretary-general of OPEC, passed away on Wednesday at the age of 63, leaving the oil cartel in “shock” at a volatile moment for the markets.

Since 2016, Barkindo has been in charge of the Organization of the Petroleum Exporting Countries. In the next month, Haitham Al-Ghais of Kuwait will take over from him.

In order to make the oil market more stable, he led the cartel to form a larger group with Russia and nine other oil-producing countries. This group is called OPEC+.

The actions of the 23-member group haven’t calmed the markets, even though prices are at record highs and fighting is going on in Ukraine. This is because OPEC+ cut supply during the pandemic to raise prices.

According to Mele Kyari, CEO of the Nigerian National Petroleum Corporation, Barkindo passed away late on Tuesday and will be buried in his hometown of Yola on Wednesday.

Without going into any detail regarding the circumstances surrounding Barkindo’s passing, Kyari said, “Certainly a great loss to his immediate family, the NNPC, our country Nigeria, OPEC and the global energy community.”

The “Trailblazer”

The OPEC family is shocked by this tragedy, the Vienna-based organization said.

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“We express our sorrow and deep gratitude for the over 40 years of selfless service that Mr Barkindo gave to OPEC.” His dedication and leadership will inspire OPEC for many years to come. ”

Barkindo was characterized by OPEC as “a trailblazer widely admired and respected throughout the globe.” A dear friend to many. ”

Barkindo had just seen Nigerian President Muhammadu Buhari in Abuja. Buhari praised Barkindo for his “distinguished achievements at OPEC,” even though Barkindo had not shown any signs of illness.

Buhari had stated, “You were able to successfully navigate the organization through turbulent challenges.”

In a speech last year, Barkindo called holding the position of OPEC secretary-general for two terms an “honour of a lifetime.”

Although the secretary-general of OPEC has no executive authority, he or she serves as the organization’s public face and frequently serves as a mediator between the varied and occasionally competing interests of the organization’s member nations.

According to commentators, Barkindo’s passing won’t have an effect on OPEC’s long-term strategy.

Although he was a symbol of OPEC unity, “In the short-to-medium run, it will increase uncertainty about OPEC’s next steps and add to the price volatility as he was a figure of unity for OPEC,” said Swissquote analyst Ipek Ozkardeskaya.

Stephen Innes, an analyst at Spi Asset Management, called Barkindo “a very important figurehead and a stabilizing force behind OPEC.”

The analyst asserted that although more outside politics were now involved, “his death is unlikely to change OPEC’s direction” and that Haitham Al-Ghais “augurs for the status quo given Kuwait’s close ties with Saudi Arabia, which wields the most influence” within the group.

“True ally” of Russia

In a letter to Nigeria’s Buhari, Russian President Vladimir Putin praised Barkindo’s “important” and “personal contribution” to the formation of OPEC+ and said he would remember him “as a true friend of our country.”

Barkindo “defended a productive discussion with our country,” according to Alexander Novak, the deputy prime minister of Russia in charge of energy.

Barkindo’s visit is “intended to strengthen OPEC’s role in stabilizing global markets and tackling difficulties affecting the oil sector and the world economy,” according to a statement by the oil minister of Iraq, Ihsan Ismail.

Barkindo, who was born on April 20, 1959, earned a political science degree from Ahmadu Bello University in Kaduna, Nigeria.

Later, he went to Oxford to study oil economics and went to the US to get an MBA in finance and banking.

In 1986, he was appointed to represent Nigeria at OPEC. He began working for the NNPC in 1992, holding a variety of jobs there, including president from 2009 to 2010.

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