Suhail bin Mohammed al-Marzouqi, who is currently the head of OPEC, said Tuesday at the World Oil Week in London that investments must be increased as markets began to balance after years of oversupply, Reuters reported.
"This year there will be a balance between supply and demand," he said. "It is important to see some signs of investment in the sector."
He explained that there are 22 years separating us from the realization of the proposal of his investment plan, noting that it may take 5 years to resolve the matter and move to investment.
The OPEC agreement to cut production by the end of the year is still running at 1.8 million bpd.
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