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“The world should be worried”: Saudi Aramco 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.

See Also:

The two Greek tankers held in Iran released

“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.

Read more: Moneywise

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