Saudi Foreign Minister: We see lack of refining capacity in market, not lack of oil

Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al Saud comforted the oil market on Tuesday, as he said that there is no shortage of oil in the market but a lack of oil refining capacity.

Key quotes

"As of today, we don't see a lack of oil in the market. There is a lack of refining capacity, which is also an issue, so we need to invest more in refining capacity."

“Russia is an integral part of OPEC+.”

“Without OPEC+ cooperation as a collective it would be impossible to properly ensure adequate oil supplies.”