Energy crisis coming as global oil production set to plunge by a third

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Global crude production is expected to drop 30% by the end of the current decade due to underinvestment in oil and gas, according to Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman.

“We’re heading toward a phase that could be dangerous if there’s not enough spending on energy,” Abdulaziz bin Salman said, as quoted by Bloomberg.

He warned that falling investment in fossil fuels could result in an “energy crisis.” 

According to the official, oil output may decline by as much as 30 million barrels per day by 2030.

He urged energy corporations and investors to ignore “scary messages” about oil and gas. A similar warning was voiced by Saudi finance minister Mohammed Al-Jadaan. 

Saudi Arabia, the world’s largest oil exporter, is currently trying to raise its production capacity to 13 million barrels a day from 12 million by 2027. The push is out of tune with the latest call from the International Energy Agency for the cessation of new investment in fossil fuel, that comes as part of the plan to neutralize carbon emissions by 2050.

According to data tracked by the International Energy Forum, a Riyadh-based think tank, global spending on energy projects plummeted by 30% to $309 billion during pandemic-hit 2020, recovering just slightly this year.

For more stories on economy & finance visit RT’s business section

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