No demand, so G7 tries to supply energy security, investment

Price fall fears spark industry short-sighted cuts

G-7 energy ministers agreed on May 2 to boost energy security and investment, maintaining a steady flow of supply.

Energy companies are cautious about investing in oil and gas development projects due to low prices. “Right now the industry is very short-sighted. They’re just cutting capital spending like there is no tomorrow. But at the end of the day, most of these projects will take years to develop. It’s like pay me now, pay me later, you will pay me sooner or later,” Fadel Gheit, a senior...

This story is part of New Europe's Premium content.

To Read the Full Story, Subscribe or Sign In from the ↑ Top of the Page ↑
new europe join now