HOUSTON, United States (Reuters) – The “tragic situation in Ukraine” is exacerbating the global energy crisis, Aramco CEO Amin Nasser said on Tuesday, according to prepared remarks at an energy conference on Tuesday.
Speaking at the Cerawick Energy Conference in Houston, US, Nasser reiterated what other energy executives have said that the crisis exposes the mixed signals that policymakers are sending to the oil and gas industry amid the energy transition.
“With oil and gas investments discouraged, our industry is receiving demands to increase production,” he said, according to the statements.
He added that the spare production capacity available to ease the shortage of oil supply is limited, estimating that there are about two million barrels, or two percent of global demand, which he described as “actual spare capacity.”
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