Saudi Arabia and the United Arab Emirates, two of the world’s largest oil exporters, have warned of the exhaustion of excess capacity in the energy sectors globally, as products from crude to diesel and natural gas are approaching the highest levels possible.
The energy ministers of the two countries stressed, during a conference in Abu Dhabi yesterday, the need for cooperation to find realistic ways to deal with the current and future situations.
“I have a lot of experience, but I’ve never seen these things before,” Saudi Energy Minister Prince Abdulaziz bin Salman said, referring to the recent rise in energy prices. “The world needs to wake up to an existing reality… All energy production capacities are running out,” he said. On all levels.
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The United Arab Emirates
International Economy
Saudi Arabia