Global oil demand is expected to growth by an average of more than one million barrels a day annually and the oil industry needs around five million barrels a day of additional crude output capacity to keep up with demand, Saudi Arabia’s oil ministerAli al-Naimi said Thursday. “There is a big drop in the production capacity of oil wells across the world, estimated around four million barrels a day, which means the petroleum industry needs new additional production capacity of around five million barrels a day every year…to meet the global demand,” Mr. Naimi told an energy gathering in the Bahraini capital Manama. Investments in the petroleum sector should continue to add new capacity and keep up with demand and Saudi Arabia will cooperate with all producers on these investments, Mr. Naimi told the gathering. “There should be a continuation, if not an increase, in the pace of investments in the petroleum industry to guarantee the stability of the market on the short and long term,” he said.