But OPEC ministers and executives from oil companies told a two-day conference in Vienna governments needed to turn their attention from supply to demand.
But record profits from oil and gas last year and relatively low returns from renewable energy prompted some investors to demand companies renew their focus on oil and gas to raise profits.
DEMAND HITS RECORDMeanwhile, oil demand has reached new peaks of above 102 million barrels per day this year, recovering from a dip during the COVID-19 pandemic.
It is expected to rise further, driven by strong demand from Asia and for petrochemical production, oil executives and analysts said.
The oil industry has long said lower investment in oil and gas in the absence of a reduction in oil demand will only lead to higher prices.
Persons:
Bernard Looney, Wael Sawan, Abu, Sultan al Jaber, Patrick Pouyanne, Jean Paul Prates, Prates, Amin Nasser, Dmitry Zhdannikov, Barbara Lewis
Organizations:
BP, of, Petroleum, Reuters, Bloomberg, Wall Street, Companies, Shell, BBC, Investments, Rystad Energy, Petrobras, PETR4, Saudi Aramco, Thomson
Locations:
Vienna, VIENNA, Ukraine, Asia, Abu Dhabi