The head of Saudi Aramco has warned of a global oil shortage on the horizon, after a decade in which the energy industry turned its back on the search for new oil.
Amin Nasser, chief executive of the world’s largest oil company by production, called for a return to spending on exploration and production as global demand for oil continued to grow, saying current investment was “extremely low”.
“We had a decade . . . where people didn’t explore. It’s going to have an impact,” Nasser told the Financial Times. “If it doesn’t happen, there will be a supply crunch.”
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