• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 52 mins Dutch Populists Shock the EU with Election Victory
  • 8 hours One Last Warning For The U.S. Shale Patch
  • 3 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 3 hours Venezuela Says Russian Troops Land to Service Military Equipment
  • 5 hours U.S.-China Trade War Poses Biggest Risk To Global Stability
  • 1 hour Read: OPEC THREATENED TO KILL US SHALE
  • 17 hours Climate change's fingerprints are on U.S. Midwest floods
  • 1 day Oil Slips Further From 2019 Highs On Trade Worries
  • 1 day The Political Debacle: Brexit delayed
  • 5 hours European Parliament demands Nord-Stream-ii pipeline to be Stopped
  • 1 day Telsa Sales in Europe
  • 14 hours Modular Nuclear Reactors
One Last Warning For The U.S. Shale Patch

One Last Warning For The U.S. Shale Patch

The oil-price collapse of 2018…

MENA Plans to Invest $740 Billion on Energy Projects Over the Next 5 Years

According to a recent report by the Arab Petroleum Investments Corp. (Apicorp), Oil producing countries in the Middle East and North Africa (MENA) plan to spend a combined $740 billion on energy projects in the next five years.

Saudi Arabia leads the group with their plans to spend $165 billion, followed by the United Arab Emirates and their plans to invest $107 billion. Algeria has pledged to use $71 billion to finance projects, and Iran, having had to scale back its investment plans, will only contribute $68 billion.

Related Article: Renewable Energy Must Look to Natural Gas for Guidance

Apicorp explained that “tighter international sanctions, and the retreat of foreign companies, have ended up taking a toll on Iran's elusive energy investment program.”

Christine Lagarde, the managing director of the IMF, has also recently praised MENA exporters “for their stabilising role in the global economy because of the good monitoring and good management of oil prices.”

Although some Western countries still complain that the price of oil is too high, and that their weak economies are struggling with that pressure. In fact the US, France, and Great Britain have considered releasing their emergency oil reserves to try and flood the market with supply and reduce the costs for consumers.

By. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News