Saudi energy minister blames lack of investment for surge in fuel prices
2 min read
Adds quotes
RIYADH, May possibly 9 (Reuters) – Saudi Arabia’s Strength Minister Prince Abdulaziz bin Salman claimed on Monday the hole amongst crude prices and price ranges for jet fuel, diesel and gasoline was around 60% in some instances because of to absence of financial commitment in refining capability.
The prince, speaking at an aviation summit in Riyadh, stated the environment necessary to glimpse at electrical power safety, sustainability and affordability as a complete.
“All mobility fuels have skyrocketed … and the gap involving crude prices and these products in some cases is in fact 60%,” he explained.
The minister did not give comparative figures. But, as an case in point, the average refining margin for energy key BP BP.L was 18.9% in the first quarter of this year when compared with 8.7% in the first quarter of 2021.
Requested whether or not geopolitical occasions in Europe would pace up the transition to cleaner power or hinder it in the medium-term, the minister stated: “I assume it provided us with a reality check out to how aspirations … can be compromised by the realities of the working day.”
Even ahead of the Ukraine disaster, he added, the “la la land situation about net-zero had been smacked with so numerous realities”, which include charge.
When discussing sustainability plans, the minister employed the phrase “reduced carbon” rather than “zero carbon”, indicating that was “the distinction between la la land and actuality”.
Saudi Arabia and other source-rich producing nations have usually pushed again from calls for a fast move away from fossil fuels, arguing for a more orderly changeover.
(Reporting by Aziz El Yaakoubi in Riyadh and Lina Najem in Dubai Creating by Ghaida Ghantous Enhancing by Mark Potter)
The sights and viewpoints expressed herein are the sights and views of the creator and do not always replicate individuals of Nasdaq, Inc.
