Energy

Putin warns of possible oil shortage due to lack of investment

1 minute read

Russian President Vladimir Putin chairs a meeting with senior government officials via a video link at his residence outside Moscow, Russia October 20, 2021. Sputnik/Alexei Druzhinin/Kremlin via REUTERS

MOSCOW, Oct 21 (Reuters) - Russian President Vladimir Putin on Thursday said curbs on investments in oil development could lead to shortages of crude oil in coming years.

There could be a moment in the future when global demand for oil increases but there is no oil available, Putin said.

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Reporting by Vladimir Soldatkin and Gabrielle Tétrault-Farber; Writing by Andrey Ostroukh; Editing by Mark Trevelyan

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