Baku. 27 January. REPORT.AZ/ If they do not invest there will be no more supply, if there is no more supply there will be a shortage in the market. Report informs citing Bloomberg, Secretary General of OPEC Abdallah Salem el-Badri said.
If you don’t invest in oil and gas, you will see more than $200,” Abdalla El-Badri said in an interview in London on Monday, without giving a timeframe. West Texas Intermediate, the U.S. crude benchmark, erased a decline of as much as 2.7 percent.
Crude prices tumbled 46 percent last year as Saudi Arabia and other members of the Organization of Petroleum Exporting Countries said they wouldn’t curb output in response to a supply glut. The International Energy Agency, the Paris-based adviser to 29 nations, said on January 21 that a decline in prices may deter investment in all types of energy.