Riyadh: Saudi Minister of Energy Prince Abdulaziz bin Salman has said that blaming OPEC+ aims to divert attention from the rise in prices of other energy types. In remarks made on Wednesday, he said it ignored the increase in natural gas and coal prices.
OPEC’s Monthly Oil Market Report for May 2022 is now available online. #OPEC #MOMR
— OPEC (@OPECSecretariat) May 12, 2022
▶️ https://t.co/4HXBC0VKAM pic.twitter.com/uUu3SBM430
سمو #وزير_الطاقة في #مؤتمر_المرافق_العالمي :
— وزارة الطاقة (@MoEnergy_Saudi) May 10, 2022
يعاني قطاع الطاقة بصورة شاملة مشاكل عدة، فالسعة الإنتاجية تستنفد على جميع المستويات، سواء في الإنتاج والتنقيب أو التكرير، وكذلك في التصنيع وسلاسل الإمداد، وهذا ليس حكراً على قطاع الطاقة بل هي ظاهرة في القطاعات الأخرى. pic.twitter.com/C628LJnTfg
Not mentioning the rise in gas and coal prices and focusing only on oil, they do not want to draw attention to themselves. Therefore the Saudi minister said, “they blamed OPEC+.”
World oil demand growth in 2022 is expected to increase by 3.4 mb/d y-o-y, representing a downward revision of 0.3 mb/d from last month’s report, with 1.8 mb/d in the OECD and 1.6 mb/d in the non-OECD. #OPEC #MOMR pic.twitter.com/HKETHmMKIH
— OPEC (@OPECSecretariat) May 12, 2022
Recommended: Crown Prince, Macron Discuss The Situation in Ukraine
The prince added that the world had exhausted all production capacity, including strategic oil reserves; and this was not asked for or caused by OPEC+, especially Saudi Arabia and the UAE.
He also pointed out that the world should reconsider OPEC+; as it has always been a source of long-term stability of supplies.