DAVOS, Jan 25 (PRIME) -- Global demand for crude is to increase by 20 million barrels in the next 25 years, Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Al-Falih said at the World Economic Forum late on Wednesday.
“I would like to remind you that in 2014, 2015 and 2016 the world lost more than U.S. $1 trillion of investment in the oil industry… That is why joint efforts to rebalance the market have been made. This is the first result, investment increased 6% in 2017 for the first time,” he said.
The International Energy Agency earlier projected demand to rise 12% to 104.9 barrels per day until 2040.
Russia’s Energy Minister Alexander Novak said in an interview with Rossiya 24 television channel that investment in the world’s oil and gas sector will add 10% on the year in 2018.
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