Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman indicated that oil prices have remained stable in the markets compared to other energy sources such as gas, indicating the success of cooperation under “OPEC+ ”.
The Saudi minister’s words came as a comment on the 3 charts he asked to show during his participation in a dialogue session at the 29th Middle East Conference for Oil and Gas in the Kingdom of Bahrain.
From the speech of His Royal Highness Prince Abdulaziz bin Salman #Minister of Energy In a panel discussion at the 29th Middle East Oil and Gas Conference in the Kingdom of Bahrain. pic.twitter.com/xT58m3N4n2
– Ministry of Energy (@MoEnergy_Saudi) May 16, 2022
The first graph shows that the rate of increase in oil prices between March 1, 2021 and May 13, 2022 is the lowest compared to other energy sources.
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The Saudi Energy Minister also pointed to a dilemma faced by the oil markets, represented by the lack of sufficient refining capacity in the markets to meet current demand, and as proof of this, the Saudi prince indicated a significant increase in the refining range. a barrel of oil.
The Saudi prince said: “I want to show you the tangible problems that no producer can solve. Today I am fortunate to be here with the best expert teams in the oil and gas sector. Can anyone tell me if in our lifetime we see a refining margin of 47 dollars, which represents a 650% increase in the average price of the last five years, indicating that there is no refining capacity in the markets to meet the current needs and expectations ”.
twitter.com/moenergy_saudi
Based on the third graph, Saudi Arabia’s Energy Minister spoke about the biggest beneficiary of high prices for refined products, and the graph shows that taxes make up the largest proportion of the price of gasoline or diesel sold. at OECD service stations. and G7 countries.
And the Saudi minister asked: “Isn’t it time for people to recalculate what they know about taxes? If they complain about crude oil prices and refined product prices. ”
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Aniya: “As well known, the issue of justice and injustice is always raised with everything that happens, and let me call it the noise of oil prices. Look who is the biggest beneficiary of that (the increase in oil prices These (The increase in oil prices These (The increase in oil prices These) data) are from the countries Organization for Economic Co-operation and Development and the G7 countries , and these numbers are new again because they were based on prices last Friday (May 13 of 2022).
The Saudi minister added: “Who benefits from this, look at the producers, and I ask everyone here: Isn’t it time for people to recalculate what they know about taxes? … If they complain about crude oil prices and the prices of refined. products ”.
Source: RT
Source: Arabic RT
