THE WORLD risks energy price swings and shortages unless there is continued investment in the oil and gas sector over the next three decades, BP has warned.

In its annual energy outlook published yesterday, the fossil fuel giant argued that natural declines in existing oil fields will mean further exploration and development will still be necessary.

"The recent energy shortages and price spikes highlight the importance of the transition away from hydrocarbons being orderly, such that the demand for hydrocarbons falls in line with available supplies," Spencer Dale, BP's chief economist, said.

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