Daily Management Review

OPEC+ loses 3 million bpd of oil production from 2020 due to lack of investment


Suhail Al Mazroui, minister of energy and infrastructure for the UAE, stated that he was more worried about the oil supply situation than the demand situation.

Due to a lack of industry investment, the 23 OPEC+ nations have lost more than 3 million barrels per day (bpd) of oil output since 2020, said Suhail Al Mazroui, the UAE's minister of energy and infrastructure, during a speech at the eighth OPEC International Seminar.

"Let's examine the [OPEC+] bloc of 23 nations. What percentage of oil production have we lost as a result of underinvestment? More than 3 million bpd", he claimed.

Al Mazroui emphasized to journalists outside the event that the alliance countries have lost this volume of production since 2020.

The UAE's energy minister also stated during his address that he was more worried about the supply of oil than the demand for it. He contends that predictions made by some organizations, such as the International Energy Agency (IEA), that the demand for oil may peak by the end of the decade, are inaccurate.

Al Mazroui's data indicate that over the previous ten years, the growth in oil demand has been between 1 and 1.5% annually. He also predicted that in 2023, growth will reach 2%. "This (peak oil demand) was discussed five and ten years ago. However, all actual indicators show that these estimates were inaccurate."

source: reuters.com