Saudi Arabia has announced that global oil production could fall by 30% by the end of the decade due to declining investment in fossil fuels.
“We are entering a phase that could be dangerous if there is not enough energy spending,” said Oil Minister Abdulaziz bin Salman.
The result could be an “energy crisis”, he added.
The minister stressed that daily production could be reduced by 30 million barrels by 2030. He called on energy companies and investors to ignore the “scary messages” about oil and gas.
The International Energy Agency, which advises affluent countries, has called for an end to new investment in fossil fuels if people want to eliminate carbon emissions by 2050.
Saudi Arabia, the world’s largest oil exporter, is among the few countries still spending billions of dollars to increase production.
It is trying to increase its capacity to 13 million barrels per day from 12 million barrels by 2027.
Global spending on oil and gas projects fell 30% to $ 309 billion in 2020 and recovered slightly this year alone.