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Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he was worried about future energy security. especially in Asia. because of strong demand growth. and reiterated his country’s support for a global oil supply cut pact ahead of an OPEC meeting later this month.
Saudi Oil Minister Khalid al-Falih speaks during the opening of Baghdad International Exhibition. Baghdad. Iraq October 21. 2017. REUTERS Khalid al-Mousily
“I am concerned about future energy security – especially in Asia. where demand is rising much faster than the industrialized economies. Without the higher investment levels… energy security may be fatally compromised.“ Falih said in a speech in Bangkok.
Falih said the oil market’s supply and demand balances continued to tighten and global oil inventories are falling. while compliance with the OPEC-led pact to curb supplies has been “excellent“.
The Organization of the Petroleum Exporting Countries meets next on Nov. 30 in Vienna.
