At least this guy is consistent; I heard him on NPR a few months back saying pretty much the same thing. The trouble is that the Saudis can’t acknowledge a production peak, if it is taking place, as doing so would drive the market to alternative energy. By continuing to reassure the market, they are able to maintain their income. So, the following should be taken with a hefty pinch of salt.
Foreign Minister Prince Saud Al-Faisal yesterday called for quick solutions to the worsening world energy crisis, which he said had reached “dangerous” levels.
In a lecture on “Saudi Arabia and the International Oil Market” at the Baker Institute in Houston, Texas, Prince Saud blamed the crisis on lack of refineries and growing consumption.
“The current world energy crisis has become very dangerous and it cannot be left to the market laws of supply and demand. It has to be promptly tackled,” the Saudi Press Agency quoted him as saying.
The current crisis, he said, has different aspects: Production, consumption and political aspects. “Shortage of crude oil supply in the world market is not one of its reasons,” he said.
Related Leave a Comment
No comments yet.