Oil sector requires $12.6tr investment till 2045

more than 30 per cent in 2020, beyond the 23 per cent losses experienced in both 2015 and 2016”, he said.

Barkindo emphasised that if the investment deficit is not rectified; it could leave long-term scars, not only for producers, but for consumers too.

“The return of investments is a core objective of the DoC ... It is vital that the required investments are made, in all energies, to ensure stable and continuous supplies, and to help reduce and, ultimately, eliminate emissions,” he explained.

He stated that without the necessary investments, there was the potential for further volatility and a future energy shortfall, which is not in the interests of either producers or consumers.

Barkindo stressed that the importance of oil market stability, and more broadly, energy market stability, will be vital to the energy transition.

“Stability begets stability, and this will be essential to helping bring on board the huge investments required in the years ahead, ” he said.