Oil prices continue to surge and are now reaching levels that are uncomfortable for consumers across the world,” Toril Bosoni, head of the International Energy Agency’s markets and industry division, said in an interview. ” to get fuel costs under control, stressing the importance of energy security during a recent call with Saudi King Salman bin Abdul-Aziz al-Saud Salman. Saudi Arabia and Russia is at the heart of the supply crunch. Besides Riyadh and its Gulf neighbors, underinvestment and unrest are preventing several members from from reviving output halted during the pandemic. The group delivered only 70% of last month’s scheduled boost, according to the IEA. Their shortcomings are creating a further source of anxiety: that the spare capacity left to fill in for any disruptions - whether deeper losses in conflict-torn Libya, or from further drone strikes in Abu Dhabi - has dwindled to dangerously low levels. Supply constraints go beyond the Organization of Petroleum Exporting Countries and its partners. Investment in new supplies worldwide has contracted as a result of the COVID-19 slump. A diversion of capital away from fossil fuels toward renewable energy. In the U.S., once-prolific shale explorers have reined in spending to pay back shareholders. We’re out of everything - I don’t care if it’s oil, gas, coal, copper, aluminum, you name it, we’re out of it,” Jeff Currie, head of commodities research at Goldman Sachs Group Inc., said in an interview.
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Americas, Special Report, Opinion
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