Saudi Arabia Warns World Running Out Of Energy Capacity

Saudi Arabia on Tuesday warned that the world is running out of energy capacity as prices of products from crude to diesel and natural gas trade are now multi-year high.

Saudi’s Oil Minister, Abdulaziz bin Salman said that the world needs to wake up and accept the current reality that the ability of energy sectors has decreased significantly.

Salman, who attended the OPEC meetings in Abu Dhabi, said that the world is scuttling with energy sectors due to Russia’s invasion of Ukraine.

Meanwhile, UAE Minister of Energy, Suhail al Mazrouei on the same panel with Salman, said that Saudi and UAE won’t be able to guarantee sufficient supplies of oil, asking for more investments to be made across the globe in the oil sectors.

Bloomberg reported that the two Gulf countries, Saudi Arabia and the UAE are among the few producers investing in the oil sector

Saudi’s concern came after pressure from the US, Europe, and other major importers of the Organization of Petroleum Exporting Countries led by Saudi and Russia, to boost its supply in the immediate time.

Russia’s invasion of Ukraine led to the skyrocketing of crude oil prices while European countries are looking for alternatives to replace Russian energy imports as part of global sanctions on Moscow for its unprovoked attack.

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