Global investment in the oil sector have fallen twice due to sharp decline of oil prices, Russia’s Energy Minister Alexander Novak said at the meeting with OPEC and non-OPEC countries.
"The collapse of 2014, when oil prices have fallen by more than 3 times and reached the lowest point of $28 per barrel in January 2016, has severely restricted the investment attractiveness of oil projects. Annual investment in the global oil sector fell almost twice," he said.
Ministers from countries members of OPEC and the countries outside of the organization meet in Vienna to discuss stabilization of the oil market. The meeting is attended by 12 non-OPEC countries.
Novak told reporters earlier that he sees no risks of agreement’s failure and that Russia will abide by its commitments to reduce oil production by the 300,000 barrels per day.
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