The International Energy Forum has called on companies to raise investment in oil (USO) and natural gas (UNG) production to $523 billion a year by the end of this decade to prevent a surge in energy prices and economic unrest. They pointed out how spending on oil and gas projects slumped 30% to $309 billion in 2020 and had only recovered slightly in 2021. Now, you may dismiss these by saying that IEF is close to oil giant Saudi Aramco, and that their business interests are aligned in this matter.
With the biggest energy event in Africa post-COP27 set to take place in Luanda from November 29 to December 1, a strong lineup of regional energy ministers will make their way to Angola to lead discussions on the state of play of their respective energy sectors.