UAE Energy Minister Suheil al-Mazroui said energy prices could reach “unprecedented levels” if Russian oil and gas were completely removed from the world market. Agency reports Bloomberg.
According to him, oil prices are still far from their peak, but the global market is threatened by the recovery in demand in China after the coronavirus pandemic.
“Only Saudi Arabia and the UAE have significant idle capacity, but even that is enough to offset some of the supply gap created by the sanctions against Russia,” the agency said.
Al-Mazroui warned that without more worldwide investment, the Organization of the Petroleum Exporting Countries (OPEC+) cannot guarantee adequate oil supplies.
He also stressed that the OPEC+ deal on oil production in the summer will only increase supply by 0.4%.
2 June Ministers of OPEC+ Countries accept In July and August, oil production increased by 648 thousand barrels per day.