Analysts have stated that the global oil market faces huge supply risks if oil majors do not invest in new upstream projects as there is a large financing gap to cover to boost the market.
He said the financing gap would shift leverage toward core OPEC members such as Saudi Arabia but countries like Nigeria and Angola where global oil majors including Shell and Total were active may not be able to cover up the spare capacity. In his statement at the same event, Trafigura’s co-head of oil trading, Ben Luckock voiced concern in underinvestment in upstream projects.
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The price might probably even rise to $100 per barrel