Insufficient investment in the oil industry may lead to an oil shortage and market imbalance, Russian Deputy Prime Minister Aleksandr Novak said, APA-Economics reports, citing TASS.
“In this regard, there are risks associated with the inadequate financing of the oil industry. Currently, the depletion of traditional accessible fields is being observed, while hard-to-extract reserves require much higher costs. Therefore, if investment in the oil industry is not restored in the near future, consumption will exceed supply, and a market imbalance will occur,” Aleksandr Novak said.
He emphasized that leading global energy agencies are also warning about these risks today.