Persistent underinvestment in the oil sector will keep global supply tight, Aramco CEO says
Publishing timestamp: 2023-03-03 10:02:42
Summary
Saudi Aramco CEO Amin Nasser warned that chronic underinvestment in the hydrocarbons sector will keep global supply tight, suggesting higher future energy prices as China's reopening and the comeback of the aviation industry gather pace. He also noted that more investment in production is needed to manage the decline rate of oilfields globally, which have an average decline rate of about 6%.
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Keywords: emerging markets, saudi arabia, economy, business news, ice brent crude (apr'23), china, energy, oil and gas,