IEA - This sharp slowdown in activity in the conventional oil sector was the result of reduced investment spending driven by low oil prices. It brings an additional cause of concern for global energy security at a time of heightened geopolitical risks in some major producer countries.

Saudi Arabia aims to produce 10 percent of its power from renewable sources in the next six years as it pushes ahead with a multi-billion-dollar plan to diversify its energy mix and free up more crude oil for export.

Aramco is gearing up for a share listing next year, aiming to get a valuation of up to $2 trillion in what could be the world's biggest initial public offering (IPO).

“We are continuing to invest and strengthen our core oil and gas business across the value chain.”

Saudi Arabia plans to develop almost 10 gigawatts of renewables by 2023, requiring investment of up to $50 billion

Specifically, a plan to boost wind and solar energy capacity in coming years was likely to bring in $13 billion in investment, Procaccini said. There also is potential for $30 billion in mining investments to help Argentina catch up to neighboring Chile, and efforts to cut labor costs will help attract investment in oil and gas.

"Iran needs billions of dollars of investment to boost crude oil production and natural gas capacity," said Mehdi Varzi, a former official at state-run National Iranian Oil Company and now an independent consultant.

To meet Sustainable Energy for All objectives, it is estimated that renewable energy investment would need to increase by a factor of 2-3, while energy efficiency investment would need to increase by a factor of 3-6. Estimates suggest that a five-fold increase would be needed to reach universal access by 2030.

Saudi Arabia leads countries of the Middle East and North Africa (MENA) in future energy investment.

Saudi Aramco is set to launch its first public bond sale, of around $2bn, as soon as this month, as it begins to tap local currency debt markets as part of a $10bn fundraising programme.