OREANDA-NEWS  Currently, the global oil industry is overfinanced, and there is no shortage of investments in the exploration of raw materials. This was stated by the head of a large oil trading company Gunvor, Thorbjorn Turnqvist, his words are quoted by Interfax.

He clarified that the current size of global investments in oil exploration is $ 600 billion. This level is a record for the global industry, such high investments have not been observed before. "We have never spent so much money on exploration," Turnquist said during a speech at the ADIPEC energy conference.

Along with the increase in oil exploration costs, its efficiency is also increasing, the head of Gunvor added. According to him, it was possible to achieve such dynamics through the introduction of modern drilling technologies. As a result, global oil production at commodity exchange prices in the region of $ 75-80 per barrel brings "extremely high profits" to market participants, Turnquist concluded.

Earlier, he announced that the global demand for traditional automotive fuels had reached a plateau. According to him, achieving peak global interest in gasoline and diesel has become possible, among other things, due to the recovery of the Chinese economy. It is this market that is one of the main in terms of consumption of oil and petroleum products. At the same time, such dynamics does not indicate a decrease in global demand for raw materials. Global interest in it, the head of Gunvor explained, remains stable.