OPEC Leader Mohammed Barkindo Dies Unexpectedly: How Will Oil Stocks Such as Exxon Mobil Respond?

OPEC has announced that its Secretary General Mohammad Barkindo had passed away at the age of 63.

Barkindo held the position for six years and was due to step down from his post at the end of July. He was set to join the U.S. think tank Atlantic Council's Global Energy Center as a distinguished fellow. 

The Wednesday announcement of Barkindo’s death came just hours after he delivered a keynote address at an energy summit in Abuja, Nigeria. 

"In a very short timespan, the industry has been hit by two major cycles — the severe market downturn in 2015 and 2016, and the even more far-reaching impact of the Covid-19 pandemic", Barkindo said during his address. 

He also spoke about how the oil and gas industry is “under siege” and is reaping the severe losses from investments in recent years.

Also Read: Gas Prices Haven't Fallen This Fast Since COVID; Here's Why Oil May Plummet To $65 Per Barrel This Year 

During his time at OPEC, Barkindo created OPEC+. The program allowed Russia and other non-members to join forces with OPEC to create a global oil supply. The program also helped to erase an oil supply glut from 2014-2016. In addition, when oil demand surged in 2020, OPEC+ help to distribute oil around the globe.

The passing of Barkindo is sending ripple effects through the industry. On Wednesday, Exxon Mobil Corp. XOM stock had already lost 2.56% of its value (at the time of publishing).

Photo: Courtesy of ΝΕΑ ΔΗΜΟΚΡΑΤΙΑ on flickr