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. Oil producers' budget-balancing act: reut.rs/2JpxrHd The oil cartel is expected to announce a new round of cuts at an emergency meeting on Friday and will be looking for more money from non-Opec countries such as Russia and Iran. 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.
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. The oil cartel is expected to announce a new round of cuts at an emergency meeting on Friday and will be looking for more money from non-Opec countries such as Russia and Iran. 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.