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Wednesday, 12 October 2016

Saudi Aramco warns investment cuts risk long-term oil crunch

Saudi Aramco warns investment cuts risk long-term oil crunch:

"The world risks another oil supply crunch because of the collapse in capital spending by energy companies over the past two years, the head of the largest crude producer warned on Tuesday.

Amin Nasser, chief executive of Saudi Aramco, Saudi Arabia’s state-controlled energy group, cited research showing that $1tn of investment in oil and gas exploration and production had been cancelled or deferred since crude prices crashed in 2014.

“Just as the reliable oil production we’ve been seeing over the past couple of years has happened because of healthy investment, I’m concerned that we’ll have the opposite effect over the next decade,” he told the World Energy Congress in Istanbul."



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