We support our Publishers and Content Creators. You can view this story on their website by CLICKING HERE.

Two oil-producing giants – Saudi Arabia and the United Arab Emirates (UAE) – warned that the global energy supply is dwindling amid high fuel prices and increased demand.

Officials from the two Middle Eastern nations issued their warnings during a May 10 conference of the Organization of the Petroleum Exporting Countries (OPEC) held at the UAE’s capital Abu Dhabi.

“The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels. I am a dinosaur, but I have never seen these things,” Prince Abdulaziz bin Salman, the Saudi energy minister, told Bloomberg during the conference.

Meanwhile, Emirati Energy Minister Suhail al Mazrouei pointed to reduced investments in fossil fuels as a factor driving the spikes in fuel prices. He told Bloomberg during the same meeting that without additional global investment, OPEC and its associate nations under the OPEC+ banner would be unable to guarantee crude oil supplies for its customers.

Prepper Organics 2

“We’ve been warning about the lack of investment, [and] that lack of investment is catching up with a lot of countries,” said al Mazrouei.

Saudi Arabia and the UAE are among the few oil-producing giants investing in greater output. To this end, both countries are spending billions of dollars to boost their crude oil production by two million barrels per day (bpd) by the end of the 2020s. Meanwhile, other producers are struggling with investments as both Western shareholders and governments are pivoting toward “green energy.” (Related: Saudi Arabia starts shift to green fuel production, builds $5B hydrogen plant.)

The 23-nation OPEC+ alliance announced a 432,000 bpd increase in June on May 5, but the collective is struggling to achieve that goal as many members are producing crude oil below their quotas. The latest OPEC+ survey conducted by S&P Global Commodity Insights found that the collective fell short of its production targets by 2.59 million bpd in April.

“We, OPEC+, cannot compensate for the whole 100 percent of the world requirement. How much we produce, that is our share. And actually, I would bet that we are doing much more,” remarked the Emirati energy minister.

Al Mazrouei: Don’t blame crude oil producers for high fuel prices

According to al Mazrouei, major crude oil producers should not be blamed for the rise in fuel prices. He added that fingers should instead be pointed at the politicization of the oil market and high taxes in nations that import OPEC products.

“We are getting a fraction of what the companies and governments are making from those extra taxes,” the Emirati official said.

Both al Mazrouei and bin Salman also denounced a proposal in the U.S. Congress aimed at OPEC, explaining that the bill “would bring greater chaos to already strained energy market.” If it gets signed into law, the bill could push oil prices by threefold, the UAE’s energy minister noted.

U.S. Senate Bill 977 or the No Oil Producing and Exporting Cartels (NOPEC) Act of 2021 was approved by the Senate Judiciary Committee on May 5 in a 17-4 vote. With the committee’s approval, the bill now needs to be voted on by both chambers of Congress before President Joe Biden signs it into law.

If it becomes law, the NOPEC Act would allow the U.S. government to sue OPEC for violating antitrust laws – given that it controls the majority of the world’s oil supply and prices. The cartel itself, its individual member countries and other affiliates under OPEC+ could be sued in federal court.

“If you hinder that system, you need to watch what you’re asking for. Because having a chaotic market would see a 200 or 300 percent increase in [fuel] prices that the world cannot handle,” al Mazrouei told CNBC.

Ultimately, both the Emirati and Saudi energy ministers issued a joint statement calling for both OPEC and non-OPEC countries to cooperate in order to address the ongoing energy crisis. “The world needs to work collectively, responsibly [and] comprehensively … in salvaging the world economy,” bin Salman said in the statement.

FuelSupply.news has more stories about the ongoing energy crisis.

Watch this Fox Business report below about the surge in diesel prices.

This video is from the NewsClips channel on Brighteon.com.

More related stories:

Sources include:



They’re Trying to Shut Us Down

Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.

For us to continue to deliver the truth that Americans need to read and hear, we ask you, our amazing audience, for financial assistance. We just launched a GiveSendGo page to help us pay the bills. It’s brand new so don’t be discouraged by the lack of donations there. It’s a funny reality that the fewer the donations that have been made, the less likely people are willing to donate to it. One would think this is counterintuitive, but sometimes people are skeptical because they think that perhaps there’s a reason others haven’t been donating. In our situation, we’re just getting started so please don’t be shy if you have the means to help.

Thank you and God bless!

JD Rucker

Prepper Organics 1

All ORIGINAL content on this site is © 2021 NOQ Report. All REPUBLISHED content has received direct or implied permission for reproduction.

With that said, our content may be reproduced and distributed as long as it has a link to the original source and the author is credited prominently. We don’t mind you using our content as long as you help out by giving us credit with a prominent link. If you feel like giving us a tip for the content, we will not object!

JD Rucker – EIC
@jdrucker