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OPEC chief says severe contraction of investment poses threat to oil supply
October 10, 2016 / 2:57 PM / a year ago

OPEC chief says severe contraction of investment poses threat to oil supply

ISTANBUL (Reuters) - A sharp contraction in investments poses a threat to global oil supply, Mohammed Barkindo, secretary-general of the Organisation of the Petroleum Exporting Countries, said on Monday at the World Energy Congress in Istanbul.

A person carrying an umbrella walks by the Ogranization of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria October 4, 2016. REUTERS/Heinz-Peter Bader

He said oil investments were projected to contract 22 percent this year and that next year was looking bleak.

OPEC officials are embarking on a flurry of meetings, starting with the gathering in Istanbul, to nail down details of their deal to cut production agreed last month in Algiers.

Reporting by Rania El Gamal; Writing by Nick Tattersall

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