Saudi Arabia urges consumer nations to build oil refineries

Saudi Arabian Oil Minister Ali al-Nuaimi urged consumer countries to build more refineries to put an end to a shortage that is causing oil prices to surge.

“The supply is here, inventories are building, there is certainly no shortage of supply — so build, build refineries, Nuaimi told reporters.

“Start building refineries and you will solve maybe half of the problem,” he added during his traditional morning jog in Vienna, ahead of a meeting of the Organisation of Petroleum Exporting Countries due Wednesday.