According to Saudi Oil Minister Ali al-Naimi, investment in oil assets must continue to meet anticipated annual demand growth of 1 million barrels a day (b/d) during the current decade.

Speaking at the Apicorp Energy Forum in Bahrain on 19 November, the minister said oil and gas projects will need $700bn in finance in the next 10 years to keep pace with growing consumption.

“Oil demand is continuing to increase year after year, and is expected to increase annually by 1 million b/d in this decade,” said Al-Naimi.

“To meet this growing need, there should be a continuation if not an increase in the pace of investments in the petroleum industry,” he added.

His comments came amid concerns of cutbacks in spending on oil and gas projects in oil-exporting countries as government feel the impact of lower oil revenues.

Bahrain Energy Minister Abdul Mirza and undersecretary at the UAE Energy Ministry Matar al-Neyadi told the conference that all oil and gas projects in their respective countries were on track despite the lower crude prices.