OPEC Chief says Severe Contraction of Investment Poses Threat to Oil Supply
A sharp contraction in investments poses a threat to global oil supply, Mohammed Barkindo, secretary-general of the Organisation of the Petroleum Exporting Countries, said on Monday at the World Energy Congress in Istanbul.
He said oil investments were projected to contract 22 percent this year and that next year was looking bleak.
OPEC officials are embarking on a flurry of meetings, starting with the gathering in Istanbul, to nail down details of their deal to cut production agreed last month in Algiers.
Source: www.reuters.com
