OPEC has managed to meet its production cut target but the organisation now wants investment to increase after it fell by $ 1tn in the three years to 2014 . With the support of non - OPEC members , the organisation has reached its target of cutting output by 1.8 million barrels per day , and the energy minister of leading Arab nation Saudi Arabia has called for increased investment in upstream projects to avoid a supply shortage . Saudi Aramco ’s CEO has suggested $ 20tn should be spent in the next 25 years . The International Energy Agency forecasted that investment would rise to $ 466bn this year .
OPEC has managed to achieve its production cut target but the organisation now wants investment to increase after it fell by $1tn in the three years following 2014. With the support of non-OPEC members, the organisation has reached its target of cutting output by 1.8 million barrels per day, and the energy minister of leading OPEC nation Saudi Arabia has called for increased investment in upstream projects to avoid a supply shortage. Saudi Aramco’s CEO has suggested $20tn should be spent in the next 25 years. The International Energy Agency forecasted that investment will rise to $466bn this year.