Saudi Arabia Says OPEC+ Has No Ability to Mitigate Gas Crisis

OPEC+ is unable to alleviate the gas crisis, Saudi Arabia said in response to calls for increased production. According to the Kingdom’s energy minister, real problems cannot be solved by switching to oil.

No additional volumes of oil from OPEC + will be able to seriously affect gas prices, Saudi Arabian Energy Minister Prince Abdel Aziz bin Salman said, Bloomberg reported.

“We consider our role to be extremely limited. Oil is not the problem. Even if we provided tons of oil, who would process it? Who needs it? And do they really need oil or, for example, gas? ” Bin Salman said.

The organization would allow an increase in oil demand of 500,000-600,000 barrels per day if the winter in the Northern Hemisphere was colder than usual.

But further growth in demand will be limited, as it will not be so easy for many gas generators to switch to oil, which is also a much dirtier fuel, the agency Bloomberg added.

The prince also noted that they are trying to solve the difficulties due to the gas crisis at the expense of oil, but the real problems are not being solved.

Since August, the OPEC+ countries have agreed to increase oil production by 400,000 barrels per day on a monthly basis until the previously adopted limit is exhausted.

But in August and September, OPEC+ countries produced less oil than planned, sources told Bloomberg. At the same time, large oil importers, including the United States and Japan, urged exporters to increase production more to slow the rise in oil prices, and this pressure increased against the backdrop of the energy crisis.

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