Saudi Aramco CEO: Without increased investment, the world may face a shortage of oil.

Jin10 data reported on October 16, Saudi Aramco's CEO warned that the world may soon face an oil shortage—over the past decade, the energy industry has largely abandoned the exploration of new oil fields. The CEO of the world's largest oil producer, Aramco, Nasser, called on the industry to increase investments in exploration and production, as global oil demand continues to rise, while current investment levels are “extremely low.” Nasser also pointed out that the U.S. shale oil boom is unlikely to be repeated. “In the past, 80% to 90% of production growth came from shale oil,” he said, “but in the next fifteen years, shale oil production is likely to stabilize or even decline.” Many analysts now believe that due to the slowdown in the energy transition, oil consumption will be stronger than previously predicted. Consulting firm Rystad estimates that as a result, there could be a global supply gap of nearly 10 million barrels per day by 2040. Nasser noted that since new projects typically take five to seven years to start production, future oil supply depends on the actions companies take now.