Investments in gas production down 25% over past 2 years - IEF chief

On the first day of the conference within the Baku Energy Forum, Joseph McMonigle, the Secretary General of the International Energy Forum, said the investments in oil and gas production decreased by 25 % in the last two years, Report informs.

"Of course, the COVID-19 pandemic is one of the reasons for this. But I think that investments in the production sector will remain $25 billion," McMonlan stressed.

According to him, the fact that the daily demand for oil remains at 90 million barrels indicates that the demand for "black gold" is still high.

McMonigle believes that the demand for oil will increase:

"Currently, the daily demand for oil is 90 million barrels, but we expect it to reach 100 million barrels. This allows us to consider several issues, because the market may already have surplus oil and we must focus on reducing carbon emissions during the energy transition."