A turning point in the oil market is on the horizon amid a sharp drop in investments and a lack of fresh conventional discoveries, Saudi Aramco's chief executive told CNBC on Monday.
"A lack of investment is definitely not helping, so if that continues over the next couple of years there will be an inflection point," Amin Nasser said on the sidelines of the World Petroleum Congress in Istanbul.
Oil market watchers are constantly fretting over the balancing of supply and demand. Many have focused on the supply dynamics since oil's drop in mid-2014, as U.S. shale has compounded a global glut of the commodity. But, Nasser believes this could change in the coming years and people could start worrying about whether there is enough oil to meet demand.