Saudi Minister of Energy says demand from gas-to-oil switch seen reaching 600,000 bpd

20/10/2021 Argaam

Saudi Minister of Energy Prince Abdulaziz bin Salman

Prince Abdulaziz bin Salman, Saudi Minister of Energy, said users who switch from gas to oil could account for additional demand ranging between 500,000 to 600,000 barrels per day (bpd), Reuters reported.
 

This depends on winter weather and energy prices, the minister added.
 

He indicated that the rise in energy prices is driven by limited investment in hydrocarbons, low inventories, and COVID-19 vaccine uptake rates.
 

Weak investment in hydrocarbons also impacts oil prices.
 

The minister further said the world should pay attention to securing energy supplies, confirming that the world will continue in need of fossil fuels and that gasoline and gas inventories are low.

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