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Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs: The World We Live in Is Changing Faster than Ever Leading to the Emergence of New Patterns of Economic Relations 4 Riyadh
deepwater and pre-salt ultra-deepwater start contributing at the margin. Such trends help put a floor on the long-term oil price. As the CEO of Saudi Aramco Mr. Khalid Al-Falih has recently noted 'to tap these increasingly expensive oil resources, oil prices will need to be healthy enough to attract needed investments. The other side of the same coin is that long-term prices will be underpinned by more expensive marginal barrels.' The market is already signaling the challenges ahead in the shape of spiraling costs, a manpower shortage and a shrinking pool of cheap and easy oil. While spot prices in recent weeks have fallen, the long-term Brent price is currently trading higher compared to last year, Prince Abdulaziz bin Salman bin Abdulaziz said. "In addition to these more costly and difficult sources of supply, most international organizations anticipate greater reliance on the Middle East, mainly from the GCC and Iraq. In its latest World Energy Investment Outlook (http://www.iea.org/publications/freepublications/publication/WEIO2014.pdf), the IEA points out that investment in the Middle East oil sector has to increase to offset declines elsewhere. Should investment in the Middle East fail to pick up, the IEA predicts oil prices will be around $15 higher than current prices by 2025, in real terms", the Assistant Minister of Petroleum and Mineral Resources for Petroleum Affairs said. --More 19:36 LOCAL TIME 16:36 GMT تغريد
