Saudi Arabia’s oil minister Ali al-Naimi on Thursday called for more investment in petroleum production, warning that new output was needed this decade as global demand grows annually by more than a million barrels a day. Mr. Naimi, one of the most influential figures in the global petroleum industry, said the investments had to be made despite a precipitous drop in the price of crude oil, which is down more than 60% from highs of $114 a barrel in 2014. About $200 billion in new oil and gas projects have been delayed or canceled this year because of the drop in prices, according to Wood Mackenzie, the Scottish consultancy. Mr. Naimi said oil production capacity across the world would drop by about four million barrels a day each year. With demand growing steadily, he said, […]