OPEC+ estimated reduction of investment in oil production at $500 billion a year

Investment in oil production around the world is falling by an average of $500 billion a year. This can lead to problems with energy security and energy availability. This was stated by OPEC+ Secretary General Haytham al-Ghais.

“We see a significant decline in investment in the oil sector. We are talking about more than $500 billion every year,” Mr. al-Ghais said at the CERAWeek energy conference in Houston (quoted from “RIA News”).

According to him, in 2023 the demand for oil will grow by 2.3 million barrels per day. Most of this volume will be in Asia, including China and India.

Haytham al-Ghais added that OPEC+ is not concerned about the redirection of Russian oil exports from Europe to Asia. “This is not really something that causes us concern. In the 30 years that I have been working in this business, we have always observed changes in flows from west to east, from east to west, including due to geopolitical events, ”he said (quoted from “RIA News”).

In February Haytham al-Ghais saidthat in 2023 the level of oil demand will reach almost 102 million barrels per day, exceeding pre-pandemic demand. According to Bloomberg, against the background of the restoration of production in China, world oil prices will rise to $100 per barrel.

More details – in the material “Kommersant FM” “Oil is flooded with forecasts”.

Olesya Pavlenko