Aramco CEO Says Ukraine Invasion Has Accelerated Global Energy Crisis

Amin Nasser, the CEO of Saudi Aramco, warned on Tuesday that the oil crisis has worsened as a result of the unfortunate situation in Ukraine.

He went on to say that the Ukraine conflict served as a warning of geopolitics’ impact on “fragile” energy transitions.
He added that the demand for oil and gas increased when economies recovered and that demand is now increasing slightly.

Aramco has a spare production capacity of around two million barrels per day, according to Nasser.

“Aramco is investing in gas liquids intending to add two million barrels to the market,” he stated.

This comes as Reuters and Bloomberg report that US President Joe Biden will decide to prohibit Russian oil imports to the US.
In light of Russia’s invasion of Ukraine, two well-informed individuals told Reuters that the US is prepared to restrict Russian oil imports without the assistance of its European allies.

According to sources, if Russian oil is prohibited, oil prices might reach $200 per barrel.