February 27, 2019 / 9:33 AM / 6 months ago

Saudi's Falih warns of policies undermining oil, gas development

LONDON, Feb 27 (Reuters) - Saudi Energy Minister Khalid al-Falih said on Wednesday that more energy investment was needed to meet future demand and warned that policies in many countries are undermining energy sector development.

“Many consuming nations set unrealistic schedules for the deployment of alternative energy sources and enact measures that undermine oil and gas development,” Falih said at an industry event in Riyadh, according to a copy of his speech.

“We find increasing pressure — including governmental, financial and media factors — to prematurely cut investment in conventional energy. In such an environment, the trillions of dollars needed to grow vital conventional energy supplies... are unlikely to be forthcoming.” (Reporting by Rania El Gamal; editing by Jason Neely)

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