The Wall Street Journal reports that “Saudi Arabia’s oil minister Ali al-Naimi on Thursday called for more investment in petroleum production, warning that new output was needed this decade as global demand grows annually by more than a million barrels a day.”  

“Mr. Naimi, one of the most influential figures in the global petroleum industry, said the investments had to be made despite a precipitous drop in the price of crude oil, which is down more than 60% from highs of $114 a barrel in 2014.”  

“About $200 billion in new oil and gas projects have been delayed or canceled this year because of the drop in prices, according to Wood Mackenzie, the Scottish consultancy.”