{"id":62618,"date":"2022-05-11T06:43:39","date_gmt":"2022-05-11T11:43:39","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62618"},"modified":"2022-05-11T06:43:39","modified_gmt":"2022-05-11T11:43:39","slug":"saudi-arabia-warns-that-the-world-is-running-out-of-energy-capacity-i-have-never-seen-these-things","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62618","title":{"rendered":"Saudi Arabia warns that the world is running out of energy capacity: &#8216;I have never seen these things&#8217;"},"content":{"rendered":"<section class=\"post-headline-wrapper\n           default-headline\"><\/p>\n<h3 class=\"post-headline  \"><a href=\"https:\/\/markets.businessinsider.com\/news\/commodities\/saudi-arabia-world-running-out-energy-capacity-oil-diesel-gasoline-2022-5\">Saudi Arabia warns that the world is running out of energy capacity: &#8216;I have never seen these things&#8217;<\/a><\/h3>\n<\/section>\n<section id=\"l-content\" class=\" is-right-rail   with-rail-video-ad\" data-track-page-area=\"Post\" data-post-content=\"\">\n<section class=\"row\">\n<div class=\"col-12\">\n<article>\n<figure class=\"figure image-figure-image  \" data-type=\"img\" data-e2e-name=\"image-figure-image\" data-media-container=\"image\">\n<div class=\"aspect-ratio\"><img decoding=\"async\" src=\"https:\/\/i.insider.com\/627a6eb094a2c10018eebf85?width=700\" sizes=\"(min-width: 1280px) 900px\" srcset=\"https:\/\/i.insider.com\/627a6eb094a2c10018eebf85?width=400&amp;format=jpeg&amp;auto=webp 400w, https:\/\/i.insider.com\/627a6eb094a2c10018eebf85?width=500&amp;format=jpeg&amp;auto=webp 500w, https:\/\/i.insider.com\/627a6eb094a2c10018eebf85?width=700&amp;format=jpeg&amp;auto=webp 700w, https:\/\/i.insider.com\/627a6eb094a2c10018eebf85?width=1000&amp;format=jpeg&amp;auto=webp 1000w, https:\/\/i.insider.com\/627a6eb094a2c10018eebf85?width=1300&amp;format=jpeg&amp;auto=webp 1300w, https:\/\/i.insider.com\/627a6eb094a2c10018eebf85?width=2000&amp;format=jpeg&amp;auto=webp 2000w\" alt=\"Russian oil\" \/><\/div><figcaption class=\"image-caption headline-bold\" data-e2e-name=\"image-caption\">The EU is planning a complete ban on Russian oil imports.\u00a0<\/figcaption><span class=\"image-source-caption \"><span class=\"image-source headline-regular\" data-e2e-name=\"image-source\">iznashih\/Getty Images<\/span><\/span><\/figure>\n<div>\n<section class=\"post-content typography   \" data-track-content=\"\" data-post-type=\"post\">\n<div id=\"piano-inline-content-wrapper\" data-piano-inline-content-wrapper=\"\">\n<div data-component-type=\"content-lock\" data-load-strategy=\"exclude\">\n<div class=\"content-lock-content\">\n<ul class=\"summary-list\">\n<li>Saudi Oil Minister Prince Abdulaziz bin Salman warned Tuesday that the world is &#8220;running out of energy capacity at all levels.&#8221;<\/li>\n<li>&#8220;I am a dinosaur, but I have never seen these things,&#8221; he said at a conference.<\/li>\n<li>A UAE official also warned that more investment is needed in the energy sector for OPEC+ to deliver sufficient supplies.<\/li>\n<\/ul>\n<div id=\"formContainer\" class=\"inline-newsletter-signup headline-regular\" data-component-type=\"inline-newsletter-module\" data-event-label=\"10_things_markets\" data-list=\"10 Things Before the Opening Bell\" data-acq-source=\"marketsverticalinline\"><\/div>\n<p>The amount of unused capacity that the world can tap to produce more energy products is running out,\u00a0warned top oil ministers.<\/p>\n<p>Referring to recent price spikes for refined products, Saudi Oil Minister Prince Abdulaziz bin Salman said at a Tuesday conference, &#8220;I am a dinosaur, but I have never seen these things,&#8221;\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/saudi-oil-chief-says-all-energy-sectors-running-out-of-capacity\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"60\" data-uri=\"06165adfd571525584989a3bbc8f7f6c\">according to Bloomberg<\/a>.<\/p>\n<p>&#8220;The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels,&#8221; he added.<\/p>\n<p>Prices for crude oil have surged more than 50% from a year ago to roughly $105 a barrel. But prices for refined products like diesel have soared even higher. In the US, diesel prices are up 78% to $5.50 a gallon, Bloomberg\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/u-s-gasoline-price-hits-record-just-as-driving-season-arrives\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"80\" data-uri=\"cd9e557303f3cd857e0592525eeae9ca\">data<\/a> shows.<\/p>\n<p>The United Arab Emirates&#8217; oil minister said OPEC+ may not be able to deliver on sufficient energy supplies down the line without more investments.<\/p>\n<p>&#8220;We&#8217;ve been warning about the lack of investment,&#8221; Suhail al Mazrouei said in an interview in Abu Dhabi, Bloomberg reported. &#8220;That lack of investment is catching up with a lot of countries.&#8221;<\/p>\n<p>Mazrouei added that &#8220;politicization&#8221; of the oil market has pushed supply prices higher.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n<\/article>\n<\/div>\n<\/section>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Arabia warns that the world is running out of energy capacity: &#8216;I have never seen these things&#8217; The EU is planning a complete ban on Russian oil imports.\u00a0iznashih\/Getty Images Saudi Oil Minister Prince Abdulaziz bin Salman warned Tuesday that the world is &#8220;running out of energy capacity at all levels.&#8221; &#8220;I am a dinosaur, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[9218,9458,617,32768,701],"class_list":["post-62618","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-business-insider","tag-peak-energy","tag-peak-oil","tag-phil-rosen","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62618","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62618"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62618\/revisions"}],"predecessor-version":[{"id":62619,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62618\/revisions\/62619"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}