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Reuters Now

World faces oil supply shortage – Aramco CEO

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The world might be heading for an oil supply shortage following a steep drop in investments and a lack of fresh conventional discoveries according to the world's biggest producer Saudi Aramco. It's chief executive said at a conference in Istanbul that unconventional shale oil and alternative energy resources are an important factor to help meet future demand but it is premature to assume that they can be developed quickly to replace oil and gas.

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