Saudi Energy Minister says gas-to-oil switching behind demand spike of 600,000 bpd
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000-600,000 barrels per day(bpd) depending on winter weather and related energy prices.
Prince Abdulaziz said that the rise in energy prices now is the result of limited investment in hydrocarbons, low low inventories and post pandemic demand recovery.
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Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber told an energy conference on Wednesday that the current energy crisis is a wake-up call for the need to invest more in the sector to avoid another energy supply crunch.
Read more: Oil price falls below $85 as China takes up steps to ease energy crisis
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