The Organisation of Petroleum Exporting Countries (OPEC) has once more warned that reducing investment in the oil and gas industry due to pressure from activists and climate change crusaders might have serious implications for energy supply in the coming years. Speaking during the 55th Meeting of the OPEC Joint Technical Committee (JTC) yesterday, the Secretary General of the organisation, Dr. Sanusi Barkindo, noted that given the projected dynamics in the market, lack of investment could lead to tighter supply which could distort the market. Earlier, during the launch of its 2021 World Oil Outlook (WOO), OPEC had said the organisation was continuing to see oil demand growing, strongly in the short- and medium-term before demand plateaus in the long term. It had insisted that fuel would continue to retain the largest share in the energy mix at 28 per cent in 2045. According to the cartel, cumulative investment requirements […]