The world is facing a major oil supply crisis as most companies are afraid to invest in the sector due to pressure on green energy, the head of Saudi Aramco told Reuters, adding that he could not expand production capacity faster than promised.Amin Nasser, head of the world’s largest oil producer, said on Monday he was on track to increase capacity to 13 million barrels a day from the current 12 million by 2027, despite calls to do so faster.
“The world is operating with less than 2% spare capacity. Before COVID, the aviation industry consumed 2.5 million bpd more than it does today. If the aviation industry picks up speed, you will have serious problems,” Nasser told Reuters. on the sidelines of the World Economic Forum in Davos.
“What happened in Russia-Ukraine masked what could have happened. We experienced an energy crisis due to lack of investment. And he started biting after the pandemic,” he added.
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