The head of oil giant Saudi Aramco said Tuesday (October 24th) that a lack of recent investments in the oil sector could lead to a shortage of supplies, AFP reported.
"Not much investments have been going into the energy sector... $1 trillion has been either deferred or cancelled" amid the price slump of recent years, Aramco CEO Amin Nasser said at an investment conference in Riyadh.
Of that, $300 billion was due for investment in oil exploration and $700 billion for project development, he said.
"This will have an impact on the future of energy if nothing happens," Nasser said, pointing to additional needs due to "natural depreciation of fields and normal rise in demand."
Nasser also said renewable energy will not threaten the position of oil and natural gas as the main global energy sources.
"We are witnessing a transformation... But it will be decades before renewable energy takes a major share in the energy mix," he said at the Saudi Future Investment Initiative conference.
