‘The world should be worried’: Saudi Aramco — the world’s largest oil producer — has issued a dire warning over 'extremely low' capacity
The global oil market remains tight according to Saudi Aramco, the largest oil producer in the world. And that does not bode well for a world that still relies heavily on fossil fuels.
“Today there is spare capacity that is extremely low,” Saudi Aramco CEO Amin Nasser says at a conference in London. “If China opens up, [the] economy starts improving or the aviation industry starts asking for more jet fuel, you will erode this spare capacity.”
Nasser warns that oil prices could quickly spike — again.
“When you erode that spare capacity the world should be worried. There will be no space for any hiccup — any interruption, any unforeseen events anywhere around the world.”
If you share Nasser’s view, here are three oil stocks to bet on. Wall Street also sees upside in this trio.