A senior industry executive has said a $200-300 billion annual gap in global investment in natural gas development over the past decade risks supply imbalances with further price spikes globally as demand for natural gas rises in developing countries.

Majid Jafar, CEO of Crescent Petroleum, was addressing an audience of business leaders and policy makers attending the International Energy Forum annual Symposium in Riyadh.

"Clean burning natural gas is more important than ever as an enabler of the energy transition, replacing coal and liquid fuels for power generation while supporting renewables when there is insufficient sun or wind. But as demand for natural gas rises, a shortfall in investment of about $200 billion to $300 billion annually over the past decade will impact supply going forward," Jafar said.

"We must seek balance in the energy trilemma of affordability and availability as well as sustainability, especially in the developing world, which will be central to achieving prosperity while tackling climate change as a global challenge."