Tuesday, January 31, 2023

‘The world should be worried’: Saudi Aramco — the world’s largest oil producer — issued a dire warning over 'extremely low' capacity.

World's largest oil supplier issues dire warning

World's largest oil supplier issues dire warning © KARIM SAHIB/AFP via Getty Images

https://www.msn.com/en-us/money/markets/the-world-should-be-worried-saudi-aramco-%e2%80%94-the-worlds-largest-oil-producer-%e2%80%94-issued-a-dire-warning-over-extremely-low-capacity-here-are-3-big-oil-stocks-for-protection/ar-AA14bNO1 

The global oil market remains tight according to Saudi Aramco, the largest oil producer in the world. And that does not bode well for a world that still relies heavily on fossil fuels.

“Today there is spare capacity that is extremely low,” Saudi Aramco CEO Amin Nasser said at a recent conference in London. “If China opens up, [the] economy starts improving or the aviation industry starts asking for more jet fuel, you will erode this spare capacity.”

Nasser warns that oil prices could quickly spike — again.

“When you erode that spare capacity the world should be worried. There will be no space for any hiccup — any interruption, any unforeseen events anywhere around the world.”

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