The world's largest oil company, Saudi Aramco, reiterated its warning that producers' spare capacity is running out. It said there would be none left once China ends its "Covid Zero" strategy.

Aramco and Saudi officials have often criticized Western governments and firms for avoiding investment in fossil fuels and for trying to switch too quickly to renewables. They cited rising oil and natural gas prices as evidence that more exploration projects are needed.

Oil has risen above $125 a barrel since the start of the crisis in Ukraine, then has fallen below $90, in part because of severe coronavirus-related restrictions that have squashed demand in China.

Analysts say the Aramco's capacity is only about 2 million barrels a day, which could be quickly put on stream in the event of a supply cut. This is equivalent to 2% of the market.

Saudi Arabia and the neighboring United Arab Emirates are among the few major oil producers to have increased their maximum production levels. Nasser said Aramco is on track to increase its capacity to 13 million barrels per day, from 12 million by 2027. This is a project that will cost billions of dollars.

Nasser also said Aramco is confident it can maintain its market share in Asia, where it ships about 60% of its crude oil shipments.