Gulf states to spend $320bn in the oil and gas sector
27 February, 2018 | By WIL CRISP
Gulf states are planning to spend $320bn in the oil and gas sector, according to Suhail Mohamed al-Mazrouei, the UAE’s Minister of Energy & Industry and the current Opec Conference President.
Saudi Arabia, Kuwait and the UAE are each planning to invest $100bn, according to Al-Mazrouei.
The UAE energy minister said he believed the US was also seeing a high level of investment, speaking at the International Petroleum Week conference in London.
“We need more investment,” he said.
Al-Mazrouei said that if there was not enough investment on production there could be future price volatility in energy markets.
He said that there was a risk that “when a shock comes we won’t have enough supply to meet demand,” and a buffer of spare production capacity is needed to prevent future boom and bust cycles.
Global investment in oil and gas during 2017 lagged behind levels recorded in 2015 and 2016.
Related Posts
New downloadable report from MEED, in partnership with Mashreq, examines how the region’s oil producers are responding to changing energy demand.
The fundamentals of future energy demand look good for Middle East oil ...
READ MORE
Critical care departments[1] are specialist units providing treatment and care for seriously ill patients and offering constant monitoring by intensivists and dedicated nurses.
Critical care beds are designed to provide necessary ...
READ MORE
A series of events in the final weeks of 2017 provide a strong indication of what we can expect in the year ahead.
From an economic perspective, the most significant was ...
READ MORE
Sandeep Chouhan, executive vice-president and group head of operations and technology at Mashreq, explains how digital technology is transforming the way we bank
What is the impact of Big Data and ...
READ MORE
The 23-nation grouping has agreed to collectively raise output by 500,000 b/d from January 2021
Oil producers from Opec and their non-Opec allies, after days of intense back and forth discussions, agreed ...
READ MORE
Recovery sought through commercial flights as region faces losses of $4.8bn
The Middle East’s aviation sector has resumed activity as the region’s largest carriers seek to kickstart recovery amid the Covid-19 ...
READ MORE
Government entities allowed to extend contracts and exempt penalties for delays due to coronavirus
Saudi Arabia will provide contract extensions and waive penalties for work delayed due to the Covid-19 pandemic ...
READ MORE
Construction contractor and tech firms collaborate to establish large-scale production centre in Dubai
The Middle East’s first large-scale concrete additive manufacturing unit has been inaugurated in Dubai.
UAE-based Concreative unveiled the unit ...
READ MORE
West Texas Intermediate closed at -$37.63
On 20 April, the main US crude benchmark, West Texas Intermediate (WTI), plunged into negative territory for the first time ever, with its May contract closing ...
READ MORE
Prevailing energy analysis has focused heavily on US shale oil production and US oil storage, but perhaps at the cost of keeping an eye on the big picture
Since the start ...
READ MORE
The Future of Middle East Energy
The Rising Need for Critical Care Beds in
MARKET TALK: The other side of the digital
Opec+ to gradually raise oil output
Middle East aviation sector resumes activity
Saudi Arabia to extend contracts amid Covid-19
Dubai inaugurates Middle East’s first industrial-scale concrete 3D
The implications of negative oil prices
The risk of US shale hype in global
27 February, 2018 | .By WIL CRISP
