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Saudi Arabia says global oil production could fall by 30 percent
by 2030 due to reduced investment in fossil fuels.
Saudi Oil Minister Abdulaziz bin Salman said: "If we don't spend enough on energy, we are heading to a potentially dangerous phase
.
" The result could be an "energy crisis.
"
The minister said oil production could fall by 30 million barrels
per day by 2030.
Shortly before Abdulaziz's remarks, the Saudi finance minister issued a similar warning
.
Their views differ from what most climate activists say is necessary to slow global warming
.
The International Energy Agency (IEA) has called for a halt to new investments
in fossil fuels if the world is to reduce carbon emissions to zero by 2050.
Saudi Arabia, the world's largest oil exporter, is one of
the few countries still spending billions of dollars to boost production.
The country is planning to increase its production from 12 million barrels per day to 13 million barrels
by 2027.
Global spending on oil and gas projects fell 30 percent to $309 billion in 2020, with only a slight pick-up
this year, according to the International Energy Forum.
