Gulf State OPEC Members Sound Alarm About Dwindling Global Energy Capacity

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, on May 21, 2018. Ahmed Jadallah/Reuters

Saudi Arabia and the United Arab Emirates warned on May 10, that their spare energy capacity is decreasing in all energy sectors as key producers reduce investment in fossil fuels, pushing oil,  diesel, and natural gas to trade at near-record highs.

Brent oil was trading at around $102 a barrel as of the afternoon of May 10.