Saudi Crown Prince Says Unrealistic Energy Policies Will Lead to Higher Inflation

Saudi Arabia’s Crown Prince Mohammed bin Salman said on Saturday more investment was needed in fossil fuel and clean energy technologies to meet global demand, and that unrealistic emission policies would lead to unprecedented levels of inflation.

The prince said Saudi Arabia had announced raising its production capacity to 13 million barrels per day by 2027 from a nameplate capacity of 12 million now and “after that the Kingdom will not have any more capability to increase production.”

He was addressing a U.S.–Arab summit in Jeddah attended by President Joe Biden, who is eager to see Saudi Arabia and its OPEC partners pump more oil to help bring down the high cost of gasoline and ease the highest U.S. inflation in four decades.