Riyadh: Saudi Energy Minister Prince Abdulaziz bin Salman has said that consumers going from gas to oil can demand 5 to 600,000 barrels per day.
According to a foreign news agency, Prince Abdul Aziz said that the world is now facing a shortage of energy, adding that possible change depends on how severe the winter weather will be and how much alternative energy prices will be. Will be expensive
The Saudi energy minister outlined a wide range of factors contributing to the recent rise in energy prices, including limited investment in hydrocarbons and infrastructure, low inventory, lifting lockdowns and the uptake rate of the Covid 19 vaccine. ۔
Prince Abdul Aziz told CERA Week India Engineering Forum, “People suddenly woke up to the fact that they are running out of everything, they have run out of investment, they have run out of stocks and they They have gone beyond creativity.
“Hurricanes have also pushed up prices, which has affected oil production and refining, and the idea is that we will have a severe winter that may or may not happen,” he added.
The Saudi energy minister said there was a lack of expectation that the global economy would grow as fast as it is now. The International Energy Agency last week sharply adjusted its global oil demand forecast for 2021 and 2022.
One reason is the expected increase of 500,000 barrels per day as the power generation and heavy industry sectors are shifting from more expensive natural gas and coal to fuel oil and petrol.
The International Energy Agency said energy shortages could stem inflation and slow the recovery of the world from Quaid 19. Prince Abdul Aziz said the world should focus on the security of energy supplies and not compromise in the fight against climate change.
