Saudi Arabia and the United Arab Emirates warned earlier this week that their spare energy capacity is decreasing in all energy sectors as key producers reduce investment in fossil fuels, pushing oil, diesel, and natural gas to trade at near-record highs.
Brent oil was trading at around $102 a barrel as they spoke.
“I am a dinosaur, but I have never seen these things,” said Saudi energy minister Prince Abdulaziz bin Salman to Bloomberg on May 10, at an OPEC conference in Abu Dhabi.
The prince was referring to the surge in prices for refined oil products, in particular in the United States, where gas and diesel prices are hitting a record high, causing problems for the Biden administration.
“The world needs to wake up to an existing reality. The world is running out
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