Crescent Petroleum CEO: The oil industry is not investing enough global demand for oil is so high at present that the world needs to find another Iraq or the North Sea to make up the shortfall, Crescent Petroleum’s chief executive told CNBC on Thursday. Speaking at the OPEC meeting in Vienna, Austria, Majid Jafar, CEO of the United Arab Emirates-based oil and natural gas producer, said it was clear that too much industry cash was going out in dividends when firms need to be building more infrastructure. “The big message here has been the industry is not investing enough. Investment is down 50 percent from where it was three or four years ago and hasn’t really recovered,” he
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Oil CEO claims industry needs ‘another Iraq’ to satisfy demand
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