OPEC not to blame for soaring inflation, secretary general tells CNBC

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.

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. (https://cnb.cx/3QUez6h)

"OPEC is not behind this price increase."