- Post by Admin on sunday, March 05, 2015
Global oil supply could struggle to keep pace with demand after 2020, risking a sharp increase in prices, unless new projects are approved soon, according to the latest five-year oil market forecast from the International Energy Agency (IEA).
According to IEA, Organisation of the Petroleum Exporting Countries (OPEC), export revenues slumped to an estimated $450 billion in 2016, down from $1.2 trillion in 2012, causing major budgetary strains and in some cases making difficult political situations even worse.
In Nigeria, the Federal Government is already strategising to bring down the cost of production and initiate right policies to attract investments. To bridge the investment gap in Nigeria, the Minister of States for Petroleum Resources, Ibe Kachikwu, said Government has set a target of attracting more than $10 billion of fresh investments in the oil and gas industry in the next five years.