The global oil market may face a shortage of supply if it is not enough to invest in this industry, UAE Energy Minister Suhail al-Mazroui said during an OPEC seminar. According to him, it is necessary to reimburse 8 million barrels per day of production capacity annually, as reserves are gradually being depleted. The Minister noted that he was concerned about the proposal. The world consumes about 100 million barrels every day, and 8 million barrels per day must be recovered every year to maintain production at 100 million barrels per day. To date, the United States reimburses about 40% of the total. Al-Mazroui believes that forecasts about the approach of the peak of oil demand are not justified. Previously, consumption increased by 1-1.5% per year, and in 2023 an increase of 2% is expected. The minister also noted that due to lack of investment, 23 OPEC+ countries have lost more than 3 million barrels per day of oil production since 2020. In his opinion, it is very important to invest in production today, especially in Africa.
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