Green
Saudi Arabia Warns Energy Transition Will Cause Oil-Price Spikes
- ‘The world could run short of energy,’ finance minister says
- Kingdom’s views go against those of most climate activists
Photographer: Simon Dawson/Bloomberg
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Saudi Arabia’s finance minister echoed warnings from the kingdom’s oil officials that a slowdown in fossil-fuel investment globally will cause spikes in energy prices.
“We have very serious concerns that the world could run short of energy if we are not careful in managing the transition,” Mohammed Al-Jadaan said. “In Saudi Arabia, we have an interest in maintaining demand. We are also worried that demand is increasing and there are no alternatives to fill that gap and we don’t want oil prices to go too high.”