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Saudi Oil Minister Says Global Production Could Plunge 30% This Decade

  • Lack of oil, gas investment may cause ‘crisis,’ says minister
  • Prince Abdulaziz says daily output could fall by 30m barrels
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Saudi Arabia said global oil production could drop 30% by the end of the decade due to falling investment in fossil fuels.

“We’re heading toward a phase that could be dangerous if there’s not enough spending on energy,” Oil Minister Abdulaziz bin Salman said in Riyadh. The result could be an “energy crisis,” he said.