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Oil companies: underinvesting can spark price jump

Oil companies: underinvesting can spark price jump

The global economic crisis is leading international oil and gas companies to under-invest in new capacity, which threatens to spark renewed sharp increases in oil prices once the crisis ends, executives from two of Europe's leading oil companies warned Thursday.
"Definitely this crisis will leave strong traces in the long term and we will probably not see the same world anymore," Total SA Chief Executive Christophe de Margerie said at an oil industry conference.
The event gathered industry executives and ministers of Gulf states to debate the industry's future amid a gloomy economic outlook for the world's biggest energy consumers.
The head of France's largest company warned that Total may not achieve its target of investing


Updated : 2021-10-18 15:36 GMT+08:00