Speaking at the International Energy Forum Obeid said, “Producers in the Middle East need an estimated investment of US$750 billion, US$500 billion for oil and US$250 billion for gas, by 2030 to boost their output capacity to meet growing world demand for oil and gas.”

“[Currently], the Middle East possesses 700 billion of crude oil and 72 trillion cubic metres of gas. However, they produce only 23 million barrels per day and 245 billion cubic metres of gas,” added Obeid.

The minister also called for a “fair price mechanism” which ensure more investment into the energy sector and, which in turn, would lead to plentiful energy supply to “fuel world economic growth”.

However, Obeid also warned, “The region must first see political and security stability to attract these investments.”