Vagit Alekperov warned of risk of oil shortages

The world may face a shortage of oil supply over the next five years in the absence of sufficient investment in new projects. This was stated by the president of the largest Russian oil company LUKOIL Vagit Alekperov during a teleconference with investors.

“In the absence of sufficient investment in new projects, there is a risk already on the horizon of the next five years to face a shortage of supply. And this can lead to price volatility and negatively affect the growth rate of the world economy,” Alekperova quotes TASS.

According to Alekperov, oil will retain an important role for a long time to come, both in the global energy balance and as a raw material for the production of consumer goods. He noted that the oil industry needs investments to replenish resources and involve new reserves in production, otherwise oil production will decline.