Oil Industry Urged to Spend, Spend, Spend to Avert New Price Spike

摘要

Industry leaders gathered in Kuala Lumpur Monday warned that oil prices could shoot much higher once the global economy recovers without fresh investment in new capacity. Nobuo Tanaka, executive director of the International Energy Agency (IEA), said budgeted spending on upstream investment this year will amount to $375 billion - 21% down on last year - while investment in renewable energy is falling even more