DMEA: Additions awaited amid refining shortfall

Saudi Arabia’s Foreign Minister has called for greater investment in the conversion of oil into products, but said crude supplies are not in short supply.

"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," Prince Faisal bin Farhan Al Saud said during a visit to Tokyo.

New and expanded refining capacity is expected to come on stream over the next few months across Africa and the Middle East, but is predicted to be utilised rapidly.

Meanwhile, Prince Faisal spoke of Russia’s importance to oil market stability. “Russia is an integral part of OPEC+, and without co-operation in OPEC+ as a collective, it would be impossible to properly ensure adequate supplies of oil to the international markets,” he said.