#Saudi Sees World Oil-Supply Capacity ‘Huge Concern’: FII Update - Bloomberg

Saudi Sees World Oil-Supply Capacity ‘Huge Concern’: FII Update - Bloomberg

Saudi Aramco said oil-output capacity across the world was dropping quickly and companies need to invest more in production as the kingdom opened the fifth edition of its flagship investment conference on Tuesday.

Aramco’s Chief Executive Officer Amin Nasser made the remarks in an interview on the sidelines of the conference, which marks a return to business for the world’s largest oil exporter after the pandemic disrupted last year’s event.

“The spare capacity is shrinking,” Nasser told Bloomberg. It’s a “huge concern.”

Rising energy prices as the global economy recovers from the pandemic topped concerns among executives and policymakers gathered at this year’s Future Investment Initiative. Global supply chain glitches and the costs, more broadly, of shifting toward sustainable energy sources mean inflation has become a key challenge.