He claims that sustaining production at its current level, which grows costlier over time, necessitates considerable financial investment. The minister mentioned at the Qatar Economic Forum that the US aims to boost its power generation capacity by 100GW, “for artificial intelligence and for extra industries they wish to relocate to the US, all requiring energy.”
As per al-Kaabi, insufficient investment in conventional energy sources will negatively impact efforts to increase power capacity. “Therefore, I believe that if oil prices drop under $60 a barrel, there will certainly be a reduction in investment, and global energy requirements will not be met - not just in the United States,” he emphasized.
Al Kaabi noted that various products, including condensate, gas, petrochemicals, and fertilizers, are also influenced by the oil price.
source: bloomberg.com
As per al-Kaabi, insufficient investment in conventional energy sources will negatively impact efforts to increase power capacity. “Therefore, I believe that if oil prices drop under $60 a barrel, there will certainly be a reduction in investment, and global energy requirements will not be met - not just in the United States,” he emphasized.
Al Kaabi noted that various products, including condensate, gas, petrochemicals, and fertilizers, are also influenced by the oil price.
source: bloomberg.com