OPEC SEE LIGHT: $130 BLN DOWN
Global oil investments are set to be slashed by $130 billion this year, crimping supplies and ultimately boosting prices, the chief of the Organization of the Petroleum Exporting Countries said Tuesday at a conference here.
Speaking at a conference titled Oil & Money, OPEC Secretary-General Abdalla Salem el-Badri said global investments in petroleum projects will be reduced by 22.4% to $521 billion in 2015. Lower supply will result in "less supply in the very near future. Less supply means high prices," he said.
The remarks come as many member countries of OPEC have been running budget deficits because the organization…
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