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More oil investments needed

More oil investments needed
Oil-producing countries, including Russia, may not be investing enough to maintain output at levels sufficient to meet global demand, the head of the International Energy Agency (IEA) said on Wednesday.

Further government incentives would be welcome to increase production

Oil-producing countries, including Russia, may not be investing enough to maintain output at levels sufficient to meet global demand, the head of the International Energy Agency (IEA) said on Wednesday.

'We see worrying signs in some producing countries, including Russia, in the ability to invest enough to meet demand,' IEA Executive Director Nobuo Tanaka told a conference.

'We see Russian supply growth slowing, with all projects declining in production over the next decade,' he said.

'Further government incentives would be welcome to increase production.'

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