The IEF said spending on oil and gas projects slumped 30 percent to $309 billion in 2020. The Riyadh-based International Energy Forum has called on companies to raise investment in oil and natural-gas production to $523 billion a year by the end of this decade to prevent a surge in energy prices and economic unrest. The think tank’s comments echo those of Saudi Aramco, whose chief executive officer on Monday said there could be “chaos” unless governments stopped discouraging investment in fossil fuels. The IEF said spending on oil and gas projects slumped 30% to $309 billion in 2020 and had only recovered slightly this year. It needs to reach $4.7 trillion over this decade as a whole to meet demand, according to the organization’s forecasts. “The next two years are critical for sanctioning and allocating capital toward new projects to ensure adequate oil and gas supply comes online […]