Saudi Energy Minister Sees Demand from Gas-to-Oil Switch at up to 600,000 Bpd
- Date: 20-Oct-2021
- Source: Asharq AL-awsat
- Sector:Oil & Gas
- Country:Saudi Arabia
Saudi Energy Minister Sees Demand from Gas-to-Oil Switch at up to 600,000 Bpd
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000-600,000 barrels per day (bpd), adding that the world was now waking up to shortages in the energy sector.
Prince Abdulaziz said the potential switch depended on how severe winter weather would be and how expensive alternative energy prices would be.
He outlined a wide range of factors that have led to a recent spike in energy prices, including limited investment in hydrocarbons and infrastructure, low inventories, the lifting of pandemic lockdowns and COVID-19 vaccine uptake rates.
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