Int'l oil investment shrinks 20% amid financial crisis: OAPEC - Xinhua

    CAIRO, Dec. 5 (Xinhua) -- Oil ministers of the Organization of Arab Petroleum Exporting Countries (OAPEC) said Saturday that international investment in petroleum has shrank 20 percent due to the global financial crisis.

Oil Tanks manufacturing facility, India.

    They made the remarks at the 83rd OAPEC ministerial meeting, during which a chorus of satisfaction over the current oil prices and production quota, set one year ago by Organization of Petroleum Exporting Countries (OPEC) in Oran, Algeria, was heard.     "The international companies have reduced their investments by 20 percent in 2009, compared to 2008, especially in the area of research and exploration," said Egyptian Minister of Petroleum Sameh Fahmi.

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