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MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
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Adipec 2016: Opec warns against investment cutbacks
Sultan bin Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO, exchanges views with Opec secretary-general Mohammad Barkindo during the Abu Dhabi International Petroleum Exhibition and Conference on Monday.
abu dhabi - There has never been a consecutive three-year decline in investments in the history of the oil industry
Opec secretary-general Mohammad Barkindo said the importance of such an event cannot be over-estimated. He noted that all stakeholders should maintain dialogue.
The Opec top executive also issued a caveat. "If the market and financial conditions do not improve, there is the distinct possibility that we could see a third year of investment cutbacks. To put this into the oil industry's context, there has never been a consecutive three-year decline in its history."
Despite challenges, Barkindo struck an optimistic note. "The current oil market is a challenging environment. The best way forward is for all industry stakeholders to continually maintain dialogue and work towards achieving more stability for our industry. This will help us deliver a sustainable energy future for all producers and consumers," he said.
- ashwani@khaleejtimes.com
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