Oil Updates — Crude climbs; OPEC Secretary General says lack in oil investments triggering future energy crisis

Oil Updates — Crude climbs; OPEC Secretary General says lack in oil investments triggering future energy crisis

RIYADH: Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in US crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures picked up $1.09, or 1.15 percent, to $95.74 a barrel at 07.30 a.m Saudi time, while US West Texas Intermediate crude futures rose $1.19, or 1.35 percent to $89.56 a barrel. Oil investment lag sowing seeds for future energy crises: Al-Ghais The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for hydrocarbon grows in the long term, Haitham Al Ghais, the secretary general of the Organization of Petroleum Exporting Countries, known as OPEC, said on Tuesday. “If we don’t get it right this time we are sowing the seeds for future energy crises — not just one, but multiple,” he told Reuters in an interview. Al Ghais sounded a note of optimism that policymakers at the upcoming COP27 climate summit will be more open to hearing the oil industry’s point of view on the climate change debate. He was speaking a day after the organization released its 2022 World Oil Outlook which estimated that $12.1 trillion