Latest: Saudi Aramco says underinvestment in fossil fuels is to blame for the global energy crisis. And warned that once the economy recovers, spare capacity in the oil market may be exhausted. The world’s largest oil company, along with those in the United Arab Emirates and elsewhere in the Persian Gulf, has repeatedly said in recent times that Western governments and investors have unrealistic views on how quickly renewable energy can replace oil and gas, citing past expectations. The annual surge in energy prices is evidence of this.