Posted by Pin-Yu Liao
OPEC and the IMF said lower oil prices are cutting investment in new fields, risking a supply crunch when the global economy recovers.
“I don’t think that with a $40 price, or $45 a barrel, as we see it now, we can invest in any additional capacity,” the Organization of Petroleum Exporting Countries’ secretary- general, Abdalla El-Badri, said today at a seminar in Vienna hosted by the group. Lower prices have forced OPEC nations to delay 35 of 150 planned production projects, he said.
OPEC and the IMF said lower oil prices are cutting investment in new fields, risking a supply crunch when the global economy recovers.
“I don’t think that with a $40 price, or $45 a barrel, as we see it now, we can invest in any additional capacity,” the Organization of Petroleum Exporting Countries’ secretary- general, Abdalla El-Badri, said today at a seminar in Vienna hosted by the group. Lower prices have forced OPEC nations to delay 35 of 150 planned production projects, he said.
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