Saudi Arabia and the United Arab Emirates warned on May 10, that their spare energy capacity is decreasing in all energy sectors as key producers reduce investment in fossil fuels, pushing oil,  diesel, and natural gas to trade at near-record highs.
Brent oil was trading at around $102 a barrel as of the afternoon of May 10.
“I am a dinosaur, but I have never seen these things,” said Saudi energy minister Prince Abdulaziz bin Salman to Bloomberg on May 10, at an OPEC conference in Abu Dhabi.
The prince was referring to the surge in prices for refined oil products, in particular in the United States, where gas and diesel prices are hitting a record high, causing problems for the Biden administration.
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