Today, UAE Minister of Energy Suhail al-Mazrouei announced the reduction in oil production capacity of OPEC + countries by 3.7 mn barrels per day. The main reason is underinvestment in 2020-2022.
"OPEC+ countries produce up to 40% of the world's oil, but the reduction in investment has led to a decrease in production capacity by about 3.7 mn barrels per day," Al-Sharq quotes the minster as saying.
Lack of funding is already driving oil prices up. "Demand for energy will grow, and with a lack of investment, the gap between demand and supply will widen," al-Mazrouei warned.
