Industry information
Jinxiang Chemical Operations Headquarters(JiangSu · NanJing) Q  Q: 南京腾象进出口贸易有限公司 Skype: nancy-zong Domestic Business:025-86819868 International Business:025-86819862 Head of marketing:13913839793 Factory:15261890999
Location:Home > Industry information > Investment in exploration and exploitation affects oil production
Industry information

Investment in exploration and exploitation affects oil production

Update Time: 2021-06-18

Saudi Arabia's energy minister said the lack of new investment in exploration and exploitation could trigger a new super cycle of global oil prices.

Saudi prince Abdulaziz bin Salman said at the Robin Hood Investor Conference on Wednesday that his job is to prevent such a super cycle, people familiar with the matter said. He used to warn speculators about the dangers of shorting.

The speech marked his attempt to speak directly to Wall Street, a rare speech by members of the Saudi royal family to hedge fund audiences. Former oil ministers tend to discuss behind closed doors with influential market voices such as commodity hedge funds.

"I think it's my job and others' to make sure this super cycle doesn't happen," he said. He also warned of the risk of a super cycle due to a "lack of investment.".

In the wake of successive oil depressions, some state-owned oil companies and international exploration companies have cut their exploration and production budgets to save cash and avoid new oversupply. Many people, including Prince Abdulaziz, worry that excessive capital spending cuts could lead to tight oil supply in the face of a rebound in demand.

(super cycle refers to the abnormal long-term and large-scale rise of commodity prices for a long period of time.)

© 2011-2017 Nanjing Tengxiang Import and Export Trade Co., Ltd.苏ICP备16056165号
Support Medium:China Chemmade Net,Global Chemmade Net
China Chemical Enterprises Alliance member units