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
There has been a raft of legislative changes over the past two years that will help stimulate the demand for real estate in the country
The move on 6 January to ...
READ MORE
Arabtec and Trojan have confirmed they may collaborate in the future
After high-profile mergers in the financial, energy and real estate sectors, Abu Dhabi’s consolidation drive is now turning to construction.
On ...
READ MORE
Government, financiers and businesses must work in tandem to capitalise on the growth opportunities emerging from the UAE’s manufacturing and industrial sector
Securing finance for manufacturing projects is essential to the ...
READ MORE
Catalysed by the Covid-19 pandemic, the healthcare sector in the GCC and wider region is witnessing a change in the way services are delivered.
From regulation to insurance provisions, through to taking ...
READ MORE
Persisting weakness in the non-oil sectors makes the case for further stimulus efforts in the near term
The latest economic and fiscal data from the UAE caters to those inclined towards ...
READ MORE
Reduction in activity comes amid fiscal tightening for oil-exporting governments in the wake of the Covid-19 pandemic and lower global oil prices
The GCC has witnessed a noticeable decline in oil ...
READ MORE
The first transition of power in half a century will present a serious test of leadership for Sultan Haitham bin Tariq al-Said
The appointment of Haitham bin Tariq al-Said as the new ...
READ MORE
Expectations of rising global demand come amid vaccine optimism
Oil forecasters are expecting global crude prices to move higher in 2021 amid increasing optimism about the viability of Covid-19 vaccines.
Forecasters from ...
READ MORE
This is article is the fourth in a series from the MEED-Mashreq Healthcare Business Leaders Forum held on 23 February in Dubai. The event saw leading industry experts gather to ...
READ MORE
Total value of awards improves from low in the second half of 2016
GCC contract awards rebounded during the first half of this year from the four-year low recorded in the ...
READ MORE
UAE stimulates real estate by relaxing legislation
Abu Dhabi’s consolidation efforts turn to construction
Increasing the bankability of UAE’s industries
GCCE Healthcare Industry Report 2022
UAE economy looks to recapture its appeal
GCC oil and gas project activity sharply declines
Oman faces up to the challenges of a
Oil price expected to move higher in 2021
Futureproofing the UAE healthcare sector
EXCLUSIVE: GCC contract awards rebound in first half
27 February, 2018 | .By WIL CRISP
