OPEC’s new secretary-general Haitham Al-Ghais says lack of investment in oil and gas sector has reduced OPEC’s spare production capacity. Oil and gas investment is up 10 percent from last year but remains well below 2019 levels, IEA said last month. The price of Brent crude came close to an all-time high of $147 a barrel in March, after Russia’s ordering of troops into Ukraine exacerbated supply concerns. OPEC+ has unwound record oil-output cuts made in 2020 at the height of the pandemic and in September is raising output by 100,000 barrels per day. OPEC official says it is premature to say what it will decide about the next meeting which OPEC+ holds on Sept. 5. . . .
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