Saudi Arabia's Energy Minister Abdulaziz bin Salman Al Saud warned on Wednesday that the stocks of gasoline and gas are low and urged the international community to "pay serious attention" and not "compromise" energy supply security for fighting climate change.
Abdulaziz bin Salman stressed the problem is not the availability of crude oil but the refining capacity and the availability of gas. He went on to note that gas-to-oil switch in energy reliance is dependent on "severe cold, high prices" of other commodities.
The minister also pointed out that the prices of oil are heavily influenced by low investment in hydrocarbons. He added that uncertain demand represents the biggest challenge to Saudi Arabia's conversion to green hydrogen production and expressed his hopes the European Union and the United Kingdom will join Riyadh in solving the issue.
