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$1trn oil investments deferred, cancelled, says Saudi Aramco CEO
The head of oil giant Saudi Aramco said Tuesday that a lack of recent investments in the oil sector could lead to a shortage of supplies. "Not much investments have been going into the energy sector... $1 trillion has been either deferred or cancelled" amid the price slump of recent years, Aramco CEO Amin Nasser said at an investment conference in Riyadh. Of that, $300 billion was due for investment in oil exploration and $700 billion for project development, he said. "This will have an impact on the future of energy if nothing happens," Nasser said, pointing to additional needs due to "natural ... (full story)
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