Oil investment slashes $200 billion from investments, says Saudi Prince
November 9, 2015 8:31 am
This year, the oil and gas sector has lost $200 billion investments as low prices deters new projects, which led to reductions in crude supplies tantamount to half the daily production output of Saudi Arabia.
Saudi’s Prince Abdulaziz bin Salman, who also serves as the country’s vice oil minister, said almost 5 billion barrels a day of projects have been cancelled or delayed. Data showed Saudi Arabia pumped 10.38 million barrels a day last month.
In the previous year, oil prices have plunged 42% as the country led the Organization of Petroleum Exporting Countries in retaining the production pace in the advent of a global glut.
Bin Salman added supply outside OPEC will begin to decline in 2016 as oil prices near $150 a barrel in 2008 proved unsustainable.
The material has been provided by InstaForex Company – www.instaforex.com
This year, the oil and gas sector has lost $200 billion investments as low prices deters new projects, which led to reductions in crude supplies tantamount to half the daily production output of Saudi Arabia.
Saudi’s Prince Abdulaziz bin Salman, who also serves as the country’s vice oil minister, said almost 5 billion barrels a day of projects have been cancelled or delayed. Data showed Saudi Arabia pumped 10.38 million barrels a day last month.
In the previous year, oil prices have plunged 42% as the country led the Organization of Petroleum Exporting Countries in retaining the production pace in the advent of a global glut.
Bin Salman added supply outside OPEC will begin to decline in 2016 as oil prices near $150 a barrel in 2008 proved unsustainable.
The material has been provided by InstaForex Company – www.instaforex.com