Amin Nasser, chief executive officer, Saudi Arabian Oil Company (Aramco) has warned that oil prices could quickly spike again as producing nations face “extremely low” spare capacity. Nesser, who said
Busola AroAmin Nasser, chief executive officer, Saudi Arabian Oil Company has warned that oil prices could quickly spike again as producing nations face “extremely low” spare capacity.warning over the ‘extremely low’ capacity of countries to produce crude oil.
Spare capacity is the volume of production that can be brought on within 30 days and sustained for at least 90 days.announced a net income increase by 90 percent to $87.9 billion in the first half of 2022, compared to $47.2 billion in H1 2021.after health authorities in China eased COVID-19 restrictions.
But, according to Nesser, the global oil market remains tight and that “does not bode well for a world that still relies heavily on fossil fuels.”
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