APEC Seeks Energy Relief

Energy ministers of Asia-Pacific Economic Cooperation (APEC) member states agreed on Oct. 19 to strengthen mutual efforts to develop new oil fields, invest in new refineries, and seek alternative energy sources.

That stepped-up consumption alone requires increased spending in the development of energy, they said, arguing that $5.3-6.7 trillion in new investment will be needed through 2030 to meet the region’s growing energy needs.