Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman predicted the oil demand from the gas-to-oil switch to amount between 500,000-600,000 bpd.
Prince Abdulaziz quoted some factors pushing up the energy prices recently which include the limited investment in hydrocarbons and infrastructure, low inventories, the lifting of pandemic lockdowns, the hurricanes affecting oil output and refining, and coronavirus vaccine uptake rates.
He added that the potential volume would largely rely on how severe the winter weather and how expensive the prices of alternative energy would be.
The prince said that the world was unlikely ready for the quicker-than-expected economic recovery post the coronavirus pandemic and now people have realized the lack of investments, inventories, and creativity in trying to be attending to a real solution that addresses real issues.
