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Saudi Aramco said a lack of investment in fossil fuels was to blame for the global energy crisis, and warned that spare production capacity in the oil market could be wiped out once economies rebound.
When the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there, according to the CEO of Aramco. It might be too late to change course by the time the world wakes up. I'm very worried.
The world's biggest oil company said that governments and investors in the west are being unrealistic about how quickly renewable energy can replace oil and gas. The surge in energy prices has been cited as proof of that.
Investments in oil and gas fell from $700 billion in 2014 to $300 billion in 2021.
The price of crude climbed above $125 a barrel in the wake of the Russian invasion of Ukraine, but has since fallen to $90.
The CEO said that the energy crisis was not caused by the conflict in Ukraine. Even if the conflict ended today, it wouldn't end.
Europe is getting ready to deal with winter energy chaos.
Saudi Arabia and the United Arab Emirates are members of the Organization of the Petroleum Exporting Countries. They are spending billions of dollars to increase their production capacity but the projects will take a few years to be completed.
Western nations are paying a price for shutting down power plants before solar and wind can take over.
The plan was just a chain of sandcastles that have washed away. Billions of people around the world now face the energy access and cost of living consequences.
Europe is facing a harder winter.
Saudi Arabia, the world's biggest oil exporter, believes that demand for fossil fuels can only be reduced gradually. The country will invest in solar and hydrogen in order to eliminate its carbon emissions by 2060.
Matthew Martin and Anthony Di Paola helped with the project.
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