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ICYMI – Saudi Petroleum Minister warns oil production could drop 30% due to lack of capital spending

Bloomberg (may be blocked) released the report overnight:

  • “We are heading towards a phase which could be dangerous if there is not enough energy expenditure”
  • the result could be an “energy crisis”
  • daily oil production could fall by 30 million barrels by 2030

A similar warning came from the Saudi finance minister (unpublished link):

  • “We are seriously concerned that the world will run out of energy if we are not careful to manage the transition,” he added.
  • “In Saudi Arabia, we have an interest in maintaining demand. We are also concerned that demand will increase and that there is no alternative to closing this gap and we do not want oil prices to rise too high.

The lack of investment probably leading to a reduction in production is of course not news, just an update.


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