Saudis, UAE: The World Has A Serious Energy Spare Capacity Problem

Persistently low investment in conventional energy sources risks leaving the world running out of spare production capacity for crude oil, refined products, and natural gas, the energy ministers of two of OPEC’s top producers, Saudi Arabia and the United Arab Emirates (UAE), said on Tuesday. Officials from the oil and gas producing countries in the Middle East have been warning for months—even before the Russian invasion of Ukraine—that recent low investments in new fields and production capacity would lead to dwindling energy…