The oil crisis, the Saudi minister unveiled an important secret At the root of recent energy problems is the decision made by developed countries under the G7 group. Saudi Energy Minister Prince (Roz Dunya Online)
Riyadh (Urdu Point latest newspaper. November 06, 2021): Saudi Energy Minister unveiled an important secret about the causes of the oil crisis. According to the details, the Minister of Energy of Saudi Arabia, while addressing a press conference during the OPEC Plus conference, shared a document of 1979 and said that the root of the current energy problems is the decision made by the developed countries under the G7 group.
According to Arab News, Saudi Energy Minister Prince Abdulaziz bin Salman said that the G7 countries had decided to limit the use of oil for power generation, yet they allowed the use of coal, thus improving the environment. Security was a priority over concerns. During the press conference, the Saudi Minister of Energy also spoke on the issue of rising oil and gas prices and consumer complaints.
Showing another document, he said that the price of oil has increased the least compared to gas and coal. Saudi Energy Minister Prince Abdul Aziz bin Salman said the Organization of the Petroleum Exporting Countries (OPEC) and its ally OPEC Plus would responsibly determine oil production, taking into account market demand. Prince Abdul Aziz bin Salman said that OPEC Plus as a regulator plays a huge role in stabilizing the market.
He said OPEC Plus was not a "cartel" but a group of oil-producing countries. Talking about the recent rise in oil prices, he said that the recent rise in oil prices was not as severe as other sources of energy. During the press conference, the Minister of Energy, while showing the table of increase in prices, said that the prices of Brent oil have increased by 28% in November. In comparison, LNG prices in the European Union rose by 454% and coal by 109%.
