The head of Saudi state oil giant Aramco said on Tuesday Europe's plans to cap energy bills for consumers and tax energy companies were not long-term or helpful solutions for the global energy crisis.
Underinvestment in hydrocarbons a root cause of energy crisisDUBAI, Sept 20 - The head of Saudi state oil giant Aramco
"Freezing or capping energy bills might help consumers in the short term, but it does not address the real causes and is not the long-term solution," Chief Executive Amin Nasser told a forum in Switzerland.Register now for FREE unlimited access to Reuters.
"The conflict in Ukraine has certainly intensified the effects of the energy crisis, but it is not the root cause," he said.Aramco has been investing to raise the kingdom's oil capacity to 13 million barrels per day by 2027, but Nasser warned that globally investments in hydrocarbons were still, "too little, too late, too short term".
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