Saudi energy minister blames lack of investment for surge in fuel prices
May 9 (Reuters) - Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said on Monday the gap between crude prices and prices for jet fuel, diesel and gasoline was around 60% in some cases due to lack of investment in refining capacity.
The prince, speaking at an aviation summit in Riyadh, said the world needed to look at energy security, sustainability and affordability as a whole.
"All mobility fuels have skyrocketed ... and the gap between crude prices and these products in some cases is actually 60%," he said.
The minister did not give comparative figures. But, as an example, the average refining margin for energy major BP BP.L was 18.9% in the first quarter of this year compared with 8.7% in the first quarter of 2021.
Asked whether geopolitical events in Europe would speed up the transition to cleaner energy or hinder it in the medium-term, the minister said: "I think it provided us with a reality check to how aspirations ... can be compromised by the realities of the day."
Even before the Ukraine crisis, he added, the "la la land scenario about net-zero had been smacked with so many realities", including cost.
When discussing sustainability goals, the minister used the phrase "low carbon" rather than "zero carbon", saying that was "the difference between la la land and reality".
Saudi Arabia and other resource-rich developing nations have often pushed back against calls for a rapid move away from fossil fuels, arguing for a more orderly transition.
quickly sell lo. there are plenty of institution players waiting down there to squeeze the shorts. hope he dare to press the button. institution vs institution volume will be big. either way it can go higher up or lower down. in this case if he dare to push the button we will see higher up because who doesnt want to eat his lunch?
we retail traders' volume only ikan bilis. we just enjoy the ride
after being here a few months, my degree is totally a waste. why need a degree when you can con your way up. no wonder religions have good business here in malaysia because there are huge numbers of people who are still believing in cerita dongengs. just shout ohhhhh dump it dump it ..... ohhhhhh buy tech stocks .... ohhhh short9e ... sad malaysians. easily panicked
Finally correction has started. Think back why we invest on HR in the first place. The amazing profit due to superhigh crack spread. HR is also a major beneficial party in response to high demand of fuel due to boarder reopening and relaxation of MCO. Let buy and laugh together when the quarterly result announced by month end.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Yawn.... Zzzzz
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Posted by Yawn.... Zzzzz > 2022-05-10 10:57 | Report Abuse
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