World energy markets are facing a “red alert” and there’s more trouble ahead without enough investment going into oil and gas to meet demand
The IEF represents energy ministers from 71 producing and consuming nations, including Canada, the United States, Germany, China, India, Norway and Saudi Arabia. But investment in 2021 was depressed for a second consecutive year at $341 billion – nearly 25 per cent below 2019 levels, IEF noted. Meanwhile, oil and gas demand is now near pre-pandemic highs and will continue to rise for the next several years, particularly in developing countries.Of the $525 billion required world investment in oil and gas, IEF said Russia and the Caspian region represented 8.5 per cent or $45 billion in 2030.
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With oil demand crushing supply, ExxonMobil chief predicts a resurgence in oil investmentDarren Woods said efforts to reduce emissions by cutting supply before addressing demand has left the world struggling to meet energy needs. Not in Canada. Not under Trudeau. You'd be an idiot to do that here under present circumstances. But whose brave enough to invest? We've already watched G7 leaders pull the rug out from under oil and gas several times per political whim. Investors want some assurances, not watching multi year projects get yanked in their final year. Did anyone ask why they’re making record profits while some people have to choose between food or gas? Go green.
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