{"id":5795,"date":"2021-10-28T05:37:03","date_gmt":"2021-10-28T05:37:03","guid":{"rendered":"https:\/\/euromenaenergy.com\/?p=5795"},"modified":"2021-10-28T05:37:03","modified_gmt":"2021-10-28T05:37:03","slug":"aramco-warns-worlds-spare-oil-supplies-are-falling-rapidly","status":"publish","type":"post","link":"https:\/\/emimer.com\/?p=5795","title":{"rendered":"Aramco warns world&#8217;s spare oil supplies are falling rapidly"},"content":{"rendered":"<p>Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production.<\/p>\n<p>It\u2019s a \u201chuge concern,\u201d Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia\u2019s capital. \u201cThe spare capacity is shrinking.\u201d<\/p>\n<p>His comments come with crude prices having soared 70% this year to around $85 a barrel. Many major consumers, including the U.S., Japan and India, have called on producers to pump more.<\/p>\n<p>The supply deficit in oil markets could worsen in 2022 if the coronavirus pandemic eases and more people fly, he said.<\/p>\n<p><strong>Declining rapidly<\/strong><\/p>\n<p>\u201cIf there\u2019s aviation pick up next year, that spare capacity will be depleted,\u201d he said. \u201cIt\u2019s now getting to a situation where there\u2019s limited supply &#8212; whatever is left that\u2019s spare is declining rapidly.\u201d<\/p>\n<p>Several oil and gas traders have criticized governments and climate activists for calling on companies to stop investing in fossil fuels, saying that will cause shortages of energy in the coming decade.<\/p>\n<article class=\"article--content\">\n<div id=\"paywall\" class=\"content-wrapper\">\n<p>Aramco, the world\u2019s biggest oil company, is investing billions of dollars to raise its daily capacity to 13 million barrels from 12 million. It expects to complete the project by 2027.<\/p>\n<p>Many Wall Street banks and OPEC+ members doubt there will be supply shortages next year. JPMorgan Chase &amp; Co. has said oil markets will shift to a supply surplus of 1 million barrels by March from a deficit of around 1.5 million barrels now.<\/p>\n<p>Saudi Arabia\u2019s energy minister told Bloomberg on Saturday there could be a \u201chuge uplift\u201d in crude inventories in 2022.<\/p>\n<p>\u201cWe still have Covid,\u201d Prince Abdulaziz bin Salman said, justifying OPEC+\u2019s refusal to ease deep supply cuts it began last year any faster. \u201cWe still have jet fuel limited in terms of growth. If you do more now, you\u2019re accelerating the problem.\u201d<\/p>\n<p>The Organization of Petroleum Exporting Countries and its partners are increasing daily output by 400,000 barrels each month. The 23-nation group, led by Saudi Arabia and Russia, next meets on Nov. 4 to decide whether to change strategy.<\/p>\n<section id=\"articleBottom\" class=\"article--content-zone bottom\"><\/section>\n<\/div>\n<\/article>\n<aside class=\"article--aside slideshow--aside\">\n<div class=\"adModule adModule--outer \"><\/div>\n<\/aside>\n<footer class=\"article--footer\">\n<div class=\"content-wrapper\">\n<div class=\"articleFooter\">\n<div class=\"articleFooter--author noImage\">\n<div class=\"articleFooter--author-label\">Written By<\/div>\n<div class=\"articleFooter--author-name\">Salma El Wardany and Matthew Martin<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/footer>\n","protected":false},"excerpt":{"rendered":"<p>Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production. It\u2019s a \u201chuge concern,\u201d Chief Executive Officer Amin Nasser said in an interview&#8230;<\/p>\n","protected":false},"author":1,"featured_media":5796,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[46,48,57,68,76,77,82,86,87,90,96,99,103,107,109,111,113,137,139,146,148,160,174,183,184,201,202,209,222,230,232,233,244,246,249,256,262,263,267,277,279,280,285,288],"class_list":["post-5795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-gas","tag-aramco","tag-athens","tag-baroudi","tag-carbon","tag-climate","tag-climate-change","tag-co2","tag-cyprus","tag-decarbonising","tag-democracy","tag-doha","tag-eastmed","tag-egypt","tag-embargo","tag-emissions","tag-energy","tag-energy-peace","tag-gas","tag-gazprom","tag-greece","tag-greenenergy","tag-international-maritime-disputes","tag-lebanon","tag-maritime-boundaries-east-mediterranean","tag-maritime-disputes","tag-offshore","tag-oil","tag-opec","tag-pollution","tag-poverty-alleviation","tag-putin","tag-qatar","tag-rosneft","tag-roudi","tag-russia","tag-saudi","tag-solar","tag-solar-power","tag-straddling-hydrocarbons-reserves","tag-total","tag-trump","tag-turkey","tag-unclos","tag-usa"],"_links":{"self":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5795"}],"version-history":[{"count":0,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/posts\/5795\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=\/wp\/v2\/media\/5796"}],"wp:attachment":[{"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/emimer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}