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Aramco CEO says invasion of Ukraine has accelerated global energy crisis

FILE PHOTO: Amin H. Nasser, President and CEO of Saudi Aramco, speaks during a press conference at the Plaza Conference Center in Dahran, Saudi Arabia, November 3, 2019. REUTERS / Hamad I Mohammed

March 9, 2022

(Reuters) – Saudi Aramco CEO Amin Nasser said the “tragic situation unfolding in Ukraine” was exacerbating the global energy crisis, according to prepared statements presented at an industrial conference on Tuesday.

Nasser, speaking at CERAWeek Energy in Houston, echoed other energy executives, saying the crisis exposed the mixed signals of oil and gas policymakers in the midst of an energy transition.

“As investments in oil and gas are discouraged,” demands are being made by our industry to increase production, “he said, according to the remarks.

The capacity available to address oil shortages is limited, he said, estimating that there are about 2 million barrels, or 2% of global demand, of what he described as “effective surplus capacity”.

(Report by David Gaffen)



Aramco CEO says invasion of Ukraine has accelerated global energy crisis

Source link Aramco CEO says invasion of Ukraine has accelerated global energy crisis

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