Off the wire
• Roundup: Bangladesh ruling party elects leaders, eyes third national elections  • Burundian police arrest reporters for allegedly destroying evidence  • Iran persuades non-OPEC producers to cooperate with OPEC for market stability  • Guangzhou Evergrande win their sixth Chinese Super League title  • Italy helps Chinese museum preserve ancient tomb wall paintings  • Vice premier highlights food safety supervision  • Senior Chinese, U.S. officials discuss economic ties over phone  • Jordan, U.S. seals 787 mln USD grant agreements  • Jordan supports UN efforts to restore stability in Yemen  • Local golfer Li triumphs over Major champions at World Celebrity Pro-Am in China  
You are here: 　 Home

Saudi Arabia says drop in oil prices negatively affects petroleum investments

Xinhua, October 23, 2016 Adjust font size:

Saudi Arabia on Sunday expressed its concern over the negative effects of the drop in oil prices on the petroleum investment, local media reported.

Saudi Minister of Energy, Industry and Mineral Resources Khalid al-Falih voiced the concern during a meeting of the Gulf countries' energy ministers in Riyadh, according to Al Eqtisadia news website.

He warned the reduction of oil-related investments may reduce future oil supplies that will have high implications on the world economy.

The member states of the Organization of the Petroleum Exporting Countries (OPEC) have been involved in negotiations to bring back the stability to the oil market, the minister said.

The meetings came as the Gulf countries are adopting extreme cost-cutting measures to deal with the dropping oil prices, as the prices have declined to 30 U.S. dollars per barrel in the beginning of 2016 from over 100 U.S. dollars per barrel in 2014.

However, the prices have recently gone up to 50 dollars per barrel.

Earlier, OPEC invited Russia and other countries to meet this month to discuss means to revive the oil prices. Endit