On the results of 2015 investment into oil sector to fall by 20%
Edited by Rhod Mackenzie / 2015-11-16 01:13:46
In 2015 the fall of investment into the oil sector will make up about 20%, in 2016 the tendency will go on, the executive director of the International Energy Agency, F. Birol, said at the G20 summit.
We haven’t seen the investment fall into the oil sector 2 years straight for the past 30 years, he said.
According to Mr. Birol, the Middle East will stay the key oil market for the coming decades. If oil prices stay very low, oil production in North America, Brazil, Africa and Russia might fall, and so the stake of oil export from the Middle East will grow.
Now about 55% of the global oil export is held by the countries of the Middle East.
He is sure that lower oil prices will slow down the turn to pure energy technologies.
