OPEC has managed to achieve its production cut target but the organisation now wants investment to increase after it fell by $ 20tn in this year . OPEC and its partners want a high enough price to balance their budgets, which were eroded by years of cheap oil, but not so high that it encourages output from rival producers, particularly in the United States. 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 $ 1tn should be spent in this year . The International Energy Agency forecasted that investment will rise to $ 20tn this year .
OPEC has managed to achieve its production cut target but the organisation now wants investment to increase after it fell by $ 20tn in this year . 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 $ 1tn should be spent in this year . The International Energy Agency forecasted that investment will rise to $ 20tn this year .