Leaders of major oil-producing countries have warned that global energy security is threatened by the lack of investment in the oil industry. In an interview with CNN, these leaders emphasized that the absence of proper funding in the sector would lead to an increase in crude oil prices with potential detrimental effects on the global economy. The leaders have called for urgent action to be taken to ensure continued investment in the oil industry and prevent a possible crisis.
1. Leaders of major oil-producing countries warn of a threat to global energy security due to lack of investment in the oil industry.
2. Lack of proper funding in the oil sector could lead to an increase in crude oil prices.
3. Increase in crude oil prices could have detrimental effects on the global economy.
4. Urgent action is called for to ensure continued investment in the oil industry and prevent a potential crisis.
5. OPEC Secretary-General highlights the urgent need for increased investment in the oil industry to meet escalating demand and maintain market stability.
The International Energy Agency has reported that global investment in the oil industry fell by 30% in 2020, reaching its lowest point in 15 years.
Soaring to unprecedented heights. OPEC Secretary-General Mohammad Barkindo emphasized the urgent need for increased investment in the oil industry during an interview with CNN on Monday. He highlighted the potential peril it could inflict on global energy security if action is not taken promptly. With crude prices on the brink of surging, Barkindo stressed the significance of bolstering investments to meet the escalating demand and maintain stability in the market.