By October 10, 2016 Read More →

Contraction of oil investments poses threat to oil supply: OPEC chief

Oil investments

OPEC Secretary-General Mohammed Barkindo commented on dwindling oil investments at the World Energy Congress in Istanbul. Anadarko photo by Mike Goldwater.

Oil investments down 22 per cent in 2016

ISTANBUL, Oct 10 (Reuters) – A sharp contraction in investments poses a threat to oil crude supply, Mohammed Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries, said on Monday at the World Energy Congress in Istanbul.

He said oil investments were projected to contract 22 per cent this year and that next year was looking bleak.

Venezuelan President Nicolas Maduro told the energy congress that global oil prices need to be fairer and more realistic to encourage investment and OPEC members should reach an agreement to bring price stability.

“OPEC members should reach an agreement and should work for the stability of the oil industry. Prices must be fairer, more realistic, and they should be an incentive for investors. For that we need fair prices,” Maduro told the World Energy Congress in Istanbul, according to a translation of his comments.

He said he hoped an agreement could be reached at a meeting of energy ministers next Wednesday and that Venezuela was ready to be part of any alliance among producers.

OPEC officials are embarking on a flurry of meetings, starting with the gathering in Istanbul, to nail down details of their deal to cut production agreed last month in Algiers.

(Reporting by Rania El Gamal; Writing by Nick Tattersall)

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