- Regulators, policymakers need to support more investment in the sector
- Otherwise, we will face major problems
- There is no adequate investment in the sector
- Today’s investment is not adequate to sustain global demand in short to medium-term
- Close to reaching pre-pandemic level in terms of supply
- Sees pick up in demand in the rest of the world
- Spare capacity today is very low and it is declining fast
The remarks allude to why oil prices have remain relatively elevated since the turn of the year, adding to geopolitical tensions that is. There’s just a major mismatch with the whole green transition focus globally and that may come back and bite the global economy hard down the road. I made mention of this at the end of last year here.