The global fuel-related capacity is coming to an end, warn Saudi and UAE

Dubai: The Fuel Ministers of Saudi and the United Arab Emirates (UAE) warned that the Global fuel-related capacity is nearing its end. More investments are required in this sector to increase the capacity.’ At the same time, the Fuel Minister of UAE threatened that the fuel rates would increase by 200% to 300% given the ‘NOPEC’ bill passed by the US Senate.

The global fuel demand has spurted, given the Russia-Ukraine conflict. Saudi Fuel Minister Prince Abdulaziz Bin Salman confessed that this is unprecedented. Prince Abdulaziz also appealed that the international community should be aware of the reality. UAE Fuel Minister Suhail Al Mazrouei expressed an expectation that the international community will increase the investment in the fuel sector as the capacities are nearing the end.

Mazrouei also criticised that the OPEC countries are being unnecessarily targeted for the fuel crisis developing around the globe. If there are any attempts to rock the supply chain of OPEC and OPEC Plus countries, the fuel rates will increase by 300% in the international markets. The UAE Fuel Minister warned that no one would handle this situation.