Saudi Minister Says Oil Market Lacks Refining Capacity, Not Oil 

Saudi Foreign Minister Prince Faisal bin Farhan said there are no adequate oil supplies without full OPEC+ cooperation. 

The top Saudi official reiterated that Russia is an integral part of OPEC+, the Organization of the Petroleum Exporting Countries, and its allies. He said that without the OPEC+ alliance, it would be impossible to properly ensure adequate oil supplies to the market. 

The foreign minister emphasized that it was necessary to invest more in the capacity to process crude oil into various oil products. 

“We are focused on maintaining stability in the oil markets through OPEC+ and the dialogue within OPEC+ is quite robust and is responding as needed to the requirements of the oil markets,” Prince Faisal said. 

“We don’t see a lack of oil in the market, there is a lack of refining capacity,” he said. 

Global oil prices skyrocketed after Russia invaded Ukraine. Sanctions against Russia, especially its energy sector, have stoked massive supply concerns. 

When specifically asked about the relationship between Saudi Arabia and Moscow, Prince Faisal said Russia remains an important partner, especially in regard to the stability of the global oil market. 

The comments were made while the Saudi Foreign Minister was at an Arab News event in Tokyo, Japan, at the Foreign Correspondents’ Club of Japan. 

The Saudi foreign minister began his talk by mourning the former Japanese Prime Minister Shinzo Abe, saying that the murder was an “extreme tragedy” that was “very much felt in the Kingdom.” 

“Shinzo Abe was perceived by us as a real statesman of the highest caliber who had a tremendous impact on the global stage, but also on the relationship, we saw him as very much a friend of the Kingdom and someone who was instrumental in strengthening the relationship between our two countries.” 

Prince Faisal discussed strengthening the Saudi-Japanese relationship. 

He said that the global Covid pandemic impacted bilateral partnerships and that one of the reasons he was in Japan was to ensure the momentum picked back up. 

The minister also revealed parts of what went on during the recent visit of President Joe Biden to Saudi Arabia and reiterated the Kingdom of Saudi Arabia’s commitment to stabilizing energy markets. 

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