The global oil industry needs to find “another Iraq or North Sea every year” to plug the shortfall of oil supply as demand continues to grow, Majid Jafar, the chief executive of the UAE-based Crescent Petroleum, told CNBC on Thursday. According to the oil executive, the industry continues to see underinvestment as spending on exploration and new projects has not recovered enough from the recent downturn. “The big message here has been the industry is not investing enough. Investment is down 50 percent from where it was three or four years ago and hasn’t really recovered,” Jafar told CNBC on the sidelines of an OPEC conference attended by many oil industry executives. “Actually, what we have seen in this meeting is we need to add another Iraq or North Sea every year and it is not clear where it is coming from,” Crescent Petroleum’s chief executive noted. Currently, the […]