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.
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