OPEC/EU Caution against Lowering Hydrocarbon Investments
by Dow Jones Newswires
|Thursday, June 28, 2012
BRUSSELS - The Organization of the Petroleum Exporting Countries, or OPEC, and the European Union cautioned Thursday against the risks of lower investments in hydrocarbons exploration and production.
At a joint routine meeting, OPEC's Secretary General, Abdalla Salem El-Badri, "highlighted the importance of a stable price," a joint statement said.
"Low oil prices can break the momentum of investment in the oil industry, and in other forms of energy too. This then has a knock-on impact on future additional supply," it said.
At the meeting, the European Commissioner for energy "cautioned against reduced investments in infrastructure and exploration and production capacities that may lead to future supply bottlenecks," the same statement said.
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