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Scholz: It Is Necessary To Increase Global Fuel Supplies

GERMANY

Speaking to Deutsche Welle on a visit to sub-Saharan Africa, German Chancellor Olaf Scholz states that it is 'necessary' to increase global fuel supplies, adding that both the EU and US are pushing for an increase in production.

  • States that “We are now discussing with all these countries that are exploring oil and gas and trying to convince them to increase their capacities, so this would help the world market.”
  • Scholz: '”We will have a very difficult situation...It will not be feasible to subsidise [fuel prices]“.
  • Yesterday Saudi Energy Minister Prince Abdulaziz bin Salman told the FT that "Riyadh was hoping “to work out an agreement with OPEC+ . . . which includes Russia”, insisting the “world should appreciate the value” of the alliance of producers." This continued support for Russia and its place within the wider OPEC+ bloc despite pressure from the US to boost supply could put strains on historically strong ties between Washington, D.C, and Riyadh.
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