Investment essential to avert global energy crisis: Report

DUBAI: Investment in oil and gas needs to rise significantly over last year’s pandemic-impacted levels to avert a crisis in global energy supply, according to the latest report from the King Abdullah Petroleum Studies and Research Centre (KAPSARC).

“Considerably higher investment is needed by the end of the decade to avoid a longer-term supply deficit,” the report said.

“Even under low oil demand scenarios, the current levels of investment would result in a significant market deficit.”