Saudi Arabia: Markets do not suffer from oil shortages, the problem is refining

Saudi Foreign Minister Faisal bin Farhan said the markets were suffering not from a lack of oil, but rather from a lack of refining capacity, and reaffirmed his country’s commitment to maintaining the stability of energy markets.

During a roundtable organized by Arab News Japan in the capital Tokyo, the Saudi Arabian minister said, “Today, we do not see the market suffering from an oil shortage, but there is a lack of refining capacity. , which also poses a problem.”

The Saudi Press Agency quoted bin Farhan that the kingdom is focused on “maintaining the stability of the oil markets through the OPEC Plus group” and noted that “the dialogue within the group is very active and responsive to the demands of the oil markets as necessary.”

The agency said the minister “revealed some of the issues that took place during US President Joe Biden’s recent visit to Jeddah” and stressed “once again the kingdom’s commitment to stable energy markets.”

The Saudi Foreign Minister spoke of strengthening Saudi-Japanese relations “despite the rift caused by the corona virus pandemic that lasted two years” and said: “The global pandemic has affected our partnership to some extent. One of the reasons I’m here is to make sure we can maintain the momentum that we had in our pre-pandemic relationship with Japan.”

Source: Saudi Press Agency.

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