Energy minister says efforts needed to prevent oil supercycle due to drilling investments lag

A new supercycle in global oil prices could be triggered by a lack of new investments in exploration, Bloomberg reported, citing Minister of Energy Prince Abdulaziz bin Salman.

The minister said during the Robin Hood Investors Conference that his job is to prevent such a supercycle, according to people familiar with his comments.

“I think it’s my job, and others’ jobs, to make sure this supercycle doesn’t happen,” the minister said. He also warned that there is a risk of a supercycle due to “lack of investing.”