Bahrain's Energy Minister Dr. Abdulhussein Merza said Sunday OPEC member countries needed to invest around USD 40 billion in oil-related operations, maintenance and equipment every year up until 2020.
Global oil investment can reach USD 10 trillion between 2014-40, Merza said in a speech at the opening of the Middle East Maintenance Conference and Exhibition.
He said the Middle East region would remain the top crude oil exporter and will maintain its leadership in the global oil trade business.
Merza, citing economic reports, said oil would remain a major commodity around the world with at least 60 percent share of other products.
He said maintenance in the oil sector was crucial to preserve safety of oil products and facilities. He added oil companies were using pre-emptive maintenance methods, which would be costly but prevent accidents.
Merza said the conference would deliberate many important scientific papers dealing with maintenance of oil facilities.
Kuwait Oil Company (KOC) is taking part in the three-day event.
Source: KUNA