FACTS: Oil market suffering from investment lull of 1990s

The global oil market is suffering now from a lack of investments in the 1990s when oil prices were low and refining margins poor, said analysts at Fesharaki Associates Consulting & Technical Services Inc. (FACTS), Honolulu.“Low excess upstream capacity and persistent threats to supply security have continued to keep [crude] prices high. Moreover, refining capacity has been tight due to low investments over the past decade, particularly in the upgrading capacity needed to refine heavy crudes into lighter products,” said Jit Yang Lim, senior FACTS consultant, in a recent report.The historically cyclical oil and gas industry is on a new plateau, said Lim. More crude is neede...

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