Speaking to reporters on the sidelines of the World Utilities Conference, the minister expressed concern about future supply shortages due to lack of investment.
“I’m not so worried about the very short term, I think we can balance supply and demand. I’m more concerned about the levels of investment needed going forward,” he said.
In a surprise move in early April, Saudi Arabia, the United Arab Emirates and other members of the OPEC+ alliance announced additional production cuts of around 1.2 million barrels per day.
The announcement helped send oil prices soaring, but those gains were wiped out by investor worries about a global economic slowdown.
Brent crude prices rose to just over $76 a barrel on Tuesday, well below the $87.49 a barrel recorded on April 12.
The OPEC+ alliance made up of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia is due to meet in Vienna on June 4 to decide on its next step.
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