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 the 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.
UAE Energy Minister Suhail Al Mazrouei said Opec+ may not be able to deliver on sufficient energy supplies down the line without more investments.
“We’ve been warning about the lack of investment,” Al Mazrouei said in an interview. “That lack of investment is catching up with a lot of countries.”