The cartel of producers has announced a cut in investments in oil projects of more than 20% with the aim of reducing supplies and driving up prices.
OPEC takes the field to support oil prices. Speaking at a meeting in London, the Secretary General of the cartel, Abdalla Salem el-Badri, announced a 22,4% cut in investments in oil projects this year, equal to 130 billion dollars, to 521 billion.
These cuts, he added, will cause supplies to drop, which will increase market demand. Also during the meeting, the number one of the International Energy Agency, Fatih Birol, said he expected a 20% drop in investment expenditure in the oil sector.
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