INTERNATIONAL: Saudi Aramco CEO Amin Nasser has said the "tragic situation unfolding in Ukraine" is making the global energy crisis worse, according to prepared remarks delivered at an industry conference Tuesday.

Nasser, speaking at the CERA Week energy in Houston, has echoed other energy executives in saying that the crisis exposes the mixed signals delivered by policymakers to the oil-and-gas industry amid the energy transition.

"As oil and gas investments are discouraged," demands are being placed on our industry to increase production," he has said, according to the remarks.

Production capacity available to ease oil supply shortages is limited, he said, estimating there are about 2 million barrels, or 2 percent of world demand, of what he described as "effective spare capacity."