Baku, Azerbaijan, June 14
By Emil Ilgar - Trend:
The global oil prices will soar due to decreasing US output, increasing demands and falling upstream investments, says Iran's Oil Minister Bijan Namdar Zanganeh.
He said that in the near future, the global oil production, which stands at 95 million barrels per day (mb/d), will decrease by 1.8 mb/d, while the investments in the upstream sector have fallen to $230 billion, SHANA news agency reported June 14.
Global investments in the upstream oil and gas sector doubled in 2000-2013 to about $500 billion.
However, recently the International Energy Agency reported that the global oil exploration and production capital expenditures are expected to fall 17 percent in 2016, following a 24-percent cut in 2015 - which would be the first time since 1986 that the upstream investments have fallen for two consecutive years.