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>> The world might be heading for a shortage of oil. That's the warning from the boss of Saudi Aramco, the world's biggest crude producer. Chief Executive Amin Nasser says low prices for the fuel have slashed investment in exploration and production. He said on Monday, if we look at the long-term situation of oil supplies, the picture is becoming increasingly worrying.
Investments in smaller increments such as shale oil will just not cut it. His comments coming at the World Petroleum Congress in Istanbul. Reuters' energy correspondent Karolin Schaps is there.>> He said around $1 trillion of oil money hadn't been invested over the past three years since oil prices have been falling.
And this is leading to a situation where companies aren't spending the money that is needed to recover more resources of oil and gas. And hence leading to a situation where the market is actually becoming under supplied, which is usually a factor supporting prices which should be lifting the oil price in the market.
Which is really what the oil industry is hoping for at the moment after three years of a steady decline in oil prices that has really hurt the industry quite deeply.>> Benchmark prices down again on Monday, after sharp falls last week. Brent Crude now almost a fifth lower than it was at the start of the year, that despite fresh move by OPEC to limit outputs.
The producers cartel saying Monday, that Nigeria and Libya may join existing efforts to cap production. They've been invited to a July 24 meeting of major oil nations in Russia. If they can't do anything to lift prices then the investment shortfall will be likely to continue. If Nasser's right, that could mean that too much oil now, one day leaves the world with too little.