Special to WorldTribune.com

ABU DHABI — The Gulf Cooperation Council is preparing to significantly reduce its energy investment for the rest of the decade.

The Arab Petroleum Investment Corp. assessed that every GCC energy producer planned to slash investment in crude oil and natural gas from 2015.

Titled “Arab Energy Investment Outlook Opportunities, Constraints and Policies,” the report said Kuwait and Qatar were facing challenges in future energy investment. Qatar has already halted development of its North Field gas project, while parliament has blocked massive programs in Kuwait.

Arab Petroleum Investment, established by OPEC, said total Arab energy investment was expected to reach $685 billion between 2015 and 2019. The report also cited difficulties with non-Arab investment, hampered by the strength of the U.S. dollar.

In a report, the center said Saudi Arabia would continue to be the regional leader, with an investment of $173 billion until 2020, followed by the United Arab Emirates, Algeria, Iraq, Qatar, Kuwait and Libya.

  Gulf Arab oil states plan to slash energy investment, WorldTribune.com