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- Saudi Oil Minister: Oil output could drop 30% due to lack of capex
Saudi Oil Minister: Oil output could drop 30% due to lack of capex
Saudi Arabian Oil Minister Abdulaziz bin Salman warned of a 30% drop in oil output by the end of this decade due to falling capital investment.
Key quotes
“We’re heading toward a phase that could be dangerous if there’s not enough spending on energy.”
“Result could be an “energy crisis.”
“Daily oil output may fall by 30 million barrels by 2030.”
Market reaction
WTI is treading water just above the $71 mark, unfazed by these above comments.
- WTI Price Analysis: Bears take a breather on the way to $69.80
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