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Saudi Oil Minister Issues A Warning That The World Is Running Out Of Energy Capacity

 

Business Insider: Saudi Arabia warns that the world is running out of energy capacity: 'I have never seen these things' 

* Saudi Oil Minister Prince Abdulaziz bin Salman warned Tuesday that the world is "running out of energy capacity at all levels." 

* "I am a dinosaur, but I have never seen these things," he said at a conference. 

* A UAE official also warned that more investment is needed in the energy sector for OPEC+ to deliver sufficient supplies. 

The amount of unused capacity that the world can tap to produce more energy products is running out, warned top oil ministers. 

Referring to recent price spikes for refined products, Saudi Oil Minister Prince Abdulaziz bin Salman said at a Tuesday conference, "I am a dinosaur, but I have never seen these things," according to Bloomberg. 

"The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels," he added.  

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WNU Editor: In today's Western political environment the focus is on developing alternative "clean" energy sources. Conventional energy production like oil and natural gas are to be phased out. But as the Saudi oil minister states rather bluntly, there is going to be a very high cost to this policy.



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