The Strategist

Saudi Aramco head: events in Ukraine further exacerbate global energy crisis

03/09/2022 - 08:22

The unfolding events in Ukraine are further exacerbating the global energy crisis, Saudi Arabian oil company Saudi Aramco CEO Amin Nasser said.

David Martin
David Martin
"Unfortunately, the tragic events unfolding in Ukraine are exacerbating the global energy crisis further," Nasser said at a panel discussion at the ongoing CERAWeek international energy conference in Houston.

Global oil and gas prices in recent weeks have come under pressure from the difficult geopolitical situation in the world. The price of Brent crude oil on Tuesday exceeded $125 per barrel for the first time since 2012 amid the situation around Ukraine.

The day before, Brent briefly reached $139.13 a barrel for the first time since July 16, 2008, and WTI rose to $130 for the first time since September 22, 2008. Prices are gradually approaching record levels reached on July 11, 2008.

OPEC Secretary General Mohamed Barkindo said the current oil market situation demonstrates that countries should not make the global energy sector hostage to their political and other differences.