Saudi Aramco has long criticized the lack of industry investment, even before international sanctions on Russian oil ripped away the last remaining semblance of global spare capacity. Senior energy figures in the Gulf, including at Aramco, have grown increasingly frustrated that investment has remained relatively low this year despite oil prices spending months well above $100/B.

“Oil and gas investments crashed by more than 50% between 2014 and last year, from $700bn to a little over $300bn. The increases this year are too little, too late, too short-term,” bemoaned Mr Nasser at the Schlumberger Digital Forum 2022. (CONTINUED - 1179 WORDS)