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11 May 2022

Saudi Arabia Warns about World’s Rapidly Draining Energy Capacity

Saudi Arabia Warns about World’s Rapidly Draining Energy Capacity

The Index Today

Saudi Arabia has issued a grim warning pertaining to the world’s unused fuel reserves which are under the threat of being exhausted soon.

According to Bloomberg News, Prince Abdulaziz bin Salman, Saudi’s Oil Minister, said at a conference in Abu Dhabi on Tuesday, "The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels."

The United Arab Emirates’ Oil Minister, Suhail al Mazrouei, in an interview with Bloomberg cautioned that a “lack of investment is catching up with a lot of countries.” He contended that without new investments, the OPEC+ will be unable to provide enough fuel supplies when global demand emerges from its pandemic-induced slump.

This comes as the European Union moves forward with its plans to impose a complete ban on the imports of Russian oil and gas in response to the country’s invasion of Ukraine in late February, reported Yahoo Finance.