“We see a significant decline in investment in the oil sector.
We are talking about more than $ 500 billion every year, ”RIA Novosti quoted al-Geis at the international energy conference CERAWeek in Houston, Texas.
He added that such a decrease in investments causes him concerns in terms of energy security.
In February, Saudi Arabian Energy Minister Abdulaziz bin Salman Al Saud said that the agreement to cut oil production reached under the OPEC+ alliance would continue until the end of this year.