Saudi energy min sees demand from gas-to-oil switching at up to 600,000 bpd

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000-600,000 barrels per day (bpd) depending on winter weather and related energy prices.

Prince Abdulaziz said that the rise in energy prices now is the result of limited investment in hydrocarbons, low inventories and post pandemic demand recovery.