Saudi Oil Chief Says All Energy Sectors Running Out of Capacity - Bloomberg
Saudi Arabia’s oil minister warned that spare capacity is decreasing in all sectors of the energy market, as prices of products from crude to diesel and natural gas trade at or near multi-year highs in the wake of Russia’s invasion of Ukraine.
“I am a dinosaur, but I have never seen these things,” Prince Abdulaziz bin Salman said at a conference in Abu Dhabi, referring to the recent surge in prices for refined products.
His comments came on the same day that retail U.S. gasoline prices rose to a record.
The minister made similar remarks on Monday, when he said that a lack of global investment in refining was leading to costlier fuel.
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