Energy Minister says 60% gap between crude, jet fuel prices on capacity restraints

Saudi Minister of Energy Prince Abdulaziz bin Salman

Saudi Arabia is working on achieving its goals to become part of the solution and a provider of solutions for the rest of the world, Minister of Energy Prince Abdulaziz bin Salman said in his speech at the Future Aviation Forum today in Riyadh.   

Energy security is the most important fundamental pillar, without which neither economic growth goals nor sustainability can be achieved, including climate change.  

Prince Abdulaziz expected the world to reach carbon neutrality and a high level of energy security.   

The ministry is cooperating with the Ministry of Transport to find holistic solutions despite several challenges, the minister said, while stressing the significance of carbon recycling and emissions reduction to reach sustainability.   

He also indicated that the ministry is trying to produce new types of low-carbon fuel, as it strongly believes that low-carbon fuel will be a shift. Synthetic fuel is the new trend, as it is composed of different elements that reduce emissions from original sources and allow reusing carbon among other products.   

Prince Abdulaziz also highlighted that the gap between prices of crude oil and jet fuel, diesel and gasoline reached around 60% in some cases due to a shortage in the refining capacity.