ICYMI – Saudi Oil Minister warns oil output could drop 30% due to lack of capex

Bloomberg (may be gated) carried the report overnight:

  • “We’re heading toward a phase that could be dangerous if there’s not enough spending on energy”
  • result could be an “energy crisis”
  • daily oil output may fall by 30 million barrels by 2030
  • “We have very serious concerns that the world could run short of energy if we are not careful in managing the transition,”
  • “In Saudi Arabia, we have an interest in maintaining demand. We are also worried that demand is increasing and there are no alternatives to fill that gap and we don’t want oil prices to go too high.”
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