Surge in oil prices worries Saudi Arabia

The world’s top oil exporter Saudi Arabia said yesterday it was concerned by a rally that took oil prices to all-time highs this month.
Foreign Minister Prince Saud Al Faisal also warned that high price levels would last until refinery capacity constraints were addressed. “We are preoccupied by the quick rise in crude prices … because the problem is not supply on the market,” he said in remarks carried by the state news agency SPA.

“There is crude on the market but there are structural problems in demand, and if they are not resolved the crisis will continue. In short, there is a shortage of refineries … No matter how much crude you add to the market it will not reach the consumer if there are no refineries to process this crude.”

Bahrain Tribune