As a responsible and reliable producer with a long-term horizon, the kingdom is committed to continue to invest in its oil and gas sector, despite the drop in the oil price. Prince Abdulaziz More Quotes by Prince Abdulaziz More Quotes From Prince Abdulaziz Non-OPEC supply is expected to fall in 2016, only one year after the deep cuts in investment, beyond 2016, the fall in non-OPEC supply is likely to accelerate, as the cancellation and postponement of projects will start feeding into future supplies, and the impact of previous record investments on oil output starts to fade away. Prince Abdulaziz energy Supply and demand patterns indicate that the long-term fundamentals of the oil complex remain robust. Prince Abdulaziz energy For a major reserve holder, oil producer and exporter such as Saudi Arabia, our focus has always been on the long-term trends shaping the oil market, rather than being a commodity in decline, as some would like to portray, supply and demand patterns indicate that the long-term fundamentals of the oil complex remain robust. Prince Abdulaziz energy The potential impact of current cuts in expenditure on future oil supplies is both substantial and long-lasting, non-OPEC supply is expected to fall in 2016, only one year after the deep cuts in investment. Beyond 2016, the fall in non-OPEC supply is likely to accelerate, as the cancellation and postponement of projects will start feeding into future supplies, and the impact of previous record investments on oil output starts to fade away. Prince Abdulaziz energy As a responsible and reliable producer with a long-term horizon, the kingdom is committed to continue to invest in its oil and gas sector, despite the drop in the oil price, these measures validate our belief in the strength of the long-term fundamentals of energy markets, and demonstrate the importance that Saudi Arabia attaches to maintaining Saudi Arabia oil export capability and spare capacity. Prince Abdulaziz energy Such extreme pessimism occurred back in 2003 during the SARS outbreak, though it did not cause a significant reduction in oil demand. Prince Abdulaziz
