Saudi energy minister says ‘every molecule’ of fuel needed

Saudi Energy Minister Prince Abdulaziz bin Salman told a gathering of oil and gas executives in Russia that the world needs “every molecule of energy” that can be produced amid the current geopolitical upheaval.

“There are so many moving parts, there are so many unknowns, there are things that you think have become a reality, but then you wake up the next morning, and the reality is no longer a reality,” Prince Abdulaziz said at the St. Petersburg International Economic Forum.

The comments come as the Iran war threatens oil exports and shipping routes across the Gulf while the Ukraine conflict continues to disrupt Russian energy flows, presenting unprecedented challenges for global energy markets, Reuters reports.

OPEC Secretary General, Haitham Al Ghais, meanwhile, told the conference he expects robust oil demand growth and is not changing its estimates, which are at the higher end of the industry’s range. “We need to invest well ahead of time to be prepared for the demand that we see in the future,” he said.

On the sidelines of the conference, Prince Abdulaziz met Russian Deputy Prime Minister Alexander Novak, who said the pair agreed that uncertainty over global oil demand is making it harder for producers to plan long-term investments. “Estimates made just a few years ago now need to be fundamentally revised,” Novak said.