“Look at the differentials for diesel, for gasoline. Look at the margins now — $40bl, $50/bl, $60/bl. I am a dinosaur, but I have never seen such things, ever… This is an industry which is all about signals. If the signals are not conducive, people will not invest. And if they don’t invest, there are consequences: a lack of available supply, which becomes inflationary.”

Saudi energy minister Prince Abdulaziz bin Salman. [Argus Media]