OPEC Secretary-General Haytham al-Ghais estimated at the international energy conference CERAWeek in Houston, Texas that the decline in investment in world oil production is $500 billion a year. It has been reported DEA News.
“We’re seeing a significant drop in investment in the oil sector,” he said.
According to Al-Geis, such a reduction in investment is backed by concerns in the area of energy security and energy availability.
al-Ghais in February declarationIt was stated that oil demand will be at the level of 102 million barrels per day (b/d) in 2023, and this figure will exceed the pre-coronavirus pandemic figure by 1.9 million barrels/day.
Majid Jafar, former CEO of Crescent Petroleum, the largest private oil and gas company in the Gulf region statedthat the lack of investment in the sector has triggered a worldwide energy crisis.