OPEC head sees no immediate solution to high oil prices

Representative image. Credit: iStock photo

There is no "immediate solution" to high oil prices, the secretary general of the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday.

Mohammad Barkindo, adressing an energy conference in Riyadh, said oil-producing countries' capacity to increase crude supply is curtailded by a lack of investment in the industry.

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