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 . The majors began generating much bigger free cash flows at oil prices of $50 per barrel compared to what they generated when prices were double that level. 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 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 .