November 2, 2017 / 5:38 AM / a year ago

Saudi Energy Minister Falih says concerned about Asia's future energy security

BANGKOK (Reuters) - Saudi Arabian Energy Minister Khalid al-Falih said on Thursday that he was worried about future energy security, especially in Asia, because of strong demand growth, and reiterated his country’s support for a global oil supply cut pact ahead of an OPEC meeting later this month.

Saudi Oil Minister Khalid al-Falih speaks during the opening of Baghdad International Exhibition, Baghdad, Iraq October 21, 2017. REUTERS/Khalid al-Mousily

“I am concerned about future energy security – especially in Asia, where demand is rising much faster than the industrialized economies. Without the higher investment levels... energy security may be fatally compromised,” Falih said in a speech in Bangkok.

Falih said the oil market’s supply and demand balances continued to tighten and global oil inventories are falling, while compliance with the OPEC-led pact to curb supplies has been “excellent”.

The Organization of the Petroleum Exporting Countries meets next on Nov. 30 in Vienna.

Reporting by Chayut Setboonsarng and Rania El Gamal; Editing by Christian Schmollinger

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