Oil Price Isn't Spurring Enough Investment, Saudi Minister Says
- Two-thirds of global oil glut is gone: Saudi energy minister
- Rate of stockpile drawdown may not be sustainable for 2018
Photographer: Daniel Acker/Bloomberg
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Oil’s recovery to almost $70 a barrel hasn’t been sufficient to stimulate the return of enough investment in the sector, according to Saudi Arabia’s energy minister.
Investment is still $1 trillion below the level it was before oil’s downturn in 2014, Khalid Al-Falih said in a Bloomberg Television interview in Washington Thursday. "That tells me that the pricing signals that have come out of the recovery have not been sufficient," he said.