Amin Nasser, head of the world"s largestoil producer, said on Monday he was sticking to the target of expandingcapacity to 13 million barrels per day from the current 12 million by 2027,despite calls to do it faster.
"The world is running with less than2% of spare capacity. Before COVID the aviation industry was consuming 2.5million bpd more than today. If the aviation industry picks up speed, you aregoing to have a major problem," Nasser told Reuters on the sidelines ofthe World Economic Forum in Davos.
"What happened in Russia-Ukrainemasked what would have happened. We were going through an energy crisis becauseof a lack of investment. And it started to bite following the pandemic,"he added.
