The oil industry collectively needs at least $10 trillion in fresh investments by 2040 to replace declining fields and ensure adequate supply to meet demand from the world’s growing population, UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday. Speaking at the International Petroleum Week conference in London, al-Mazroui – who also holds the OPEC presidency in 2018 — called for more investments as the market starts to rebalance after years of oversupply. “This year is going to be an interesting year where we are expecting to achieve the balance in the market between supply and demand and most importantly to see some significant investments come into the sector,” the OPEC president said. “We are talking about 22 years [until 2040] and we know it takes about five years from deciding to invest to finalize the project. So I think we as OPEC are keen to see this restoration in the market and to work with everyone.” Al-Mazroui also said there is an “aspiration” that OPEC and the group of non-cartel countries in the output deal can continue their cooperation beyond 2018.
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