According to the head of Saudi Aramco, the world is facing a serious oil supply shortage since most corporations are scared to invest in the industry due to green energy constraints, and the company cannot grow production capacity as quickly as promised.
Despite pressure to increase capacity faster, Amin Nasser, the head of the world’s largest oil producer, said on Monday that he was sticking to the objective of increasing capacity to 13 million barrels per day by 2027 from the current 12 million.
“The globe is operating with less than 2% spare capacity. The aviation industry used 2.5 million bpd more before COVID than it does now. “You’re going to have a tremendous problem if the aviation business takes up speed,” Nasser told Reuters on the sidelines of the World Economic Forum in Davos.