Amin H. Nasser, president and CEO of Saudi Arabian Oil Company, Saudi Aramco, is seen at the 24th World Energy Congress (WEC) in Abu Dhabi, United Arab Emirates September 10, 2019. Under EU plans announced last week, excessive profits from energy companies would be skimmed off and redistributed to ease the burden on consumers. "The conflict in Ukraine has certainly intensified the effects of the energy crisis, but it is not the root cause," he said. The underinvestment comes at a time when spare capacity is thin and demand is "fairly healthy" despite strong economic headwinds. "When the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there," Nasser said.

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