As much as US$1 trillion of investments has either been deferred or canceled with the lower-for-longer oil prices, and this underinvestment will impact the future of energy, Amin Nasser, the chief executive of Saudi Aramco, said on Tuesday. “Not much investments have been going into the energy sector… $1 trillion has been either deferred or cancelled,” Nasser said at the Future Investment Initiative conference in Riyadh. Of the US$1 trillion investment, US$300 billion was earmarked for oil exploration and another US$700 billion for project developments, according to the CEO of the state-held oil giant of OPEC’s biggest exporter and de facto leader Saudi Arabia. “This will have an impact on the future of energy if nothing happens,” Nasser noted, adding that investments are necessary because of “natural depreciation of fields and normal rise in demand.” “We are witnessing a transformation… But it will be decades before renewable energy takes […]