Saudi Energy Minister warns of running out of spare capacity

Saudi Energy Minister Prince Abdulaziz bin Salman expressed concern about the entire energy system, urging collaboration to develop practical solutions to current and prospective problems.

During a panel discussion, the Saudi Energy Minister stated that the world must pay attention to an existing reality represented by the exhaustion of spare energy production capacities at all levels.

The Minister expressed his concern about the comprehensive energy system that exists today,

He urged the world to act collectively and responsibly to save the global economy from two problems: supply chains and service issues, including energy.

He also wondered: “Why is the focus on high oil prices and not on the prices of gasoline or diesel or anything else?”

Due to a scarcity of processing capacity, Prince Abdulaziz bin Salman warned yesterday that the price difference between crude oil and jet fuel, diesel, and gasoline is over 60% in some cases.