Lower energy investment could spark supply crisis -Saudi minister | Reuters
Saudi Arabia's energy minister said on Monday that oil markets could face a dangerous period as reduced investments in exploration and drilling threaten to cut crude production by 30 million barrels per day by 2030.
Prince Abdulaziz bin Salman al-Saud, speaking at a budget conference in Riyadh, also said that top oil exporter Saudi Arabia would be one of the few countries that could raise its oil production capacity in 2022.
"We are set for a period that could be dangerous. If there isn't more spending on investments to preserve production capacity and increase it, an energy crisis is coming to the world," Prince Abdulaziz said.
"In a way or another, I am not predicting, but I am warning that spare production capacity will disappear."
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