Saudi Aramco CEO sees oil supply shortage as investments and discoveries drop

The Chief Executive Officer (CEO) of Aramco, Saudi Arabia’s state oil company, Amin Nasser, crossed the wires now, via Reuters addressing a conference in Istanbul on Monday.

Key Quotes via Reuters:

"If we look at the long-term situation of oil supplies, for example, the picture is becoming increasingly worrying"

"Financial investors are shying away from making much needed large investments in oil exploration, long-term development and the related infrastructure.  Investments in smaller increments such as shale oil will just not cut it"

"New discoveries are also on a major downward trend. The volume of conventional oil discovered around the world over the past four years has more than halved compared with the previous four" 

"We plan to invest more than $300 billion over the coming decade to reinforce our pre-eminent position in oil, maintain our spare oil production capacity, and pursue a large exploration and production program centering on conventional and unconventional gas resources"