The risk of a global oil crisis has increased and investors are becoming more and more cautious about financing expensive projects, according to a study by the Hamburg Research Office Energycomment, presented by the German magazine “Der Spiegel”.
The researchers stated that low oil prices resulted in a drastic cut of investments in long-term energy projects, including the development of the Arctic and production of synthetic and biological fuels.
On the one hand, the United States has significantly increased its funding in the area. On the other hand, OPEC-countries have not cut their funding to counter an oversupply.
According to Energycomment’s expert Steffen Bukold, OPEC countries should change their policy in the long run. It especially concerns Saudi Arabia, the largest OPEC producing country, which uses the low selling prices to drive the competitors into bankruptcy and win new market shares.
If oil prices remain at current levels, the profits for investors would shrink by up to 1000 billion in 2015. In this case, they would have far less capital for new projects and would be more cautious about their investments.
