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Tuesday, May 17, 2022

Energy Minister: World needs to collectively work to overcome dwindling energy capacity

Energy Minister: World needs to collectively work to overcome dwindling energy capacity

Saudi Energy Minister Prince Abdulaziz Bin Salman, said that the world needs to wake up to the existing reality of energy capacity running out at all levels.
Prince Abdulaziz voiced concern about the entire energy system and called for collaboration to develop practical solutions to existing and future problems.

During a panel discussion in the World Utilities Congress in Abu Dhabi on Tuesday, the minister underlined the importance of the world paying attention to a current reality represented by the exhaustion of spare energy production capacities at all levels.

He stated: "I am very concerned about the comprehensive energy system that exists today, if I want to focus on the most important messages, the world has to act collectively, responsibly and comprehensively to save the global economy from two problems: supply chains and service issues including energy ... These two important topics besides politics."

He continued, "Let me repeat, in order to maintain global prosperity and the global economy's health, the masks must be removed, sit at the table and work to find a realistic way to deal with the current and future situation...

“It is very easy to find someone to blame but very difficult to admit that people need to reconsider, rethink and deal credibly with their fellow citizens about what needs to be done to salvage the situation."

"Why is the focus on rising oil costs but not on the pricing of gasoline, diesel, or anything else?" he added.

On Monday, Prince Abdulaziz said that the gap between crude oil prices and the prices of jet fuel, diesel and gasoline is about 60% in some cases, due to the lack of refining capacity.

It is noteworthy that the World Utilities Congress provides an exceptional platform for actors in the energy and water sectors around the world.

The congress to discuss trends, technologies and innovations that affect future levels of demand for water supplies and energy sources globally, amid a wide international presence of leaders and experts in the sector.
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