Refining shortage cause of high oil price: UAE

High oil prices are due to a shortage of refining capacity in industrialized nations, the United Arab Emirates Oil Minister Mohammed al-Hamli said in remarks published on Tuesday.

“There are not enough refineries to meet growing demand,” Hamli told the Gulf News daily.

“A shortage of refineries is one of the main reasons behind the increasing prices as a result of the policies adopted by industrialized nations not to invest in new refineries due to environmental concerns, while the sector needs substantial new investments.”

Reuters