New OPEC Secretary-General Haitham Al Ghais said Wednesday that the influential producer group is not to blame for soaring inflation.
Brent futures climbed to nearly $128 a barrel in the days following Russia's invasion of Ukraine on Feb. 24 — part of an upswing in prices seen across all types of energy that pushed inflation to multi-decade highs.
"First of all, if you look at history, if I may, such challenges are not new to OPEC and the OPEC history," Al Ghais said, citing the Iran-Iraq war in the 1980s and the invasion of Kuwait in 1990.
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