Saudi Arabia reveals reason for rise in energy prices

The lack of investment in oil and gas has led to higher energy prices in recent times, Minister of Energy of Saudi Arabia Prince Abdulaziz bin Salman Al Saud said in Riyadh at the opening of the 2022 International Petroleum Technology Conference (IPTC), Report informs referring to the Al Ekhbariya TV channel.

“The lack of investment in the oil and gas sectors jeopardizes energy security... This has also led to a worsening of the market situation and an increase in oil prices. I believe that the campaign to reduce investment in oil and gas is short-sighted,” he noted.

Meanwhile, the authorities of the kingdom continue to invest in production capacities in the fields of oil and gas, as well as in the field of renewable energy, he added.