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Aramco CEO says Ukraine invasion has accelerated global energy crisis -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Amin H. Nasser is the president and chief executive officer of Saudi Aramco. He speaks at a press conference held at Dhahran’s Plaza Conference Center on November 3, 2019. REUTERS/Hamadi I Mohammed

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(Reuters) – Saudi Aramco (SE: ) Amin Naser CEO, stated that “tragic circumstances” in Ukraine are making the global crisis more severe. He made these remarks Tuesday at an industry conference.

At the CERAWeek Houston energy conference, Nasser spoke in the same vein as other top executives and said that the crisis exposed policymakers’ mixed messages to the oil-and gas industry during the energy transformation.

He stated, “As oil investment is discouraged,” and added that the comments were being directed at his industry.

He said that the production capacity to alleviate oil shortages is very limited. He estimated there were approximately 2 million barrels (or 2%) of “effective spare capacity” which he called “effective.”

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