Saudi minister: we see lack of refining capacity in market, not lack of oil |

Saudi Arabia’s foreign minister Faisal bin Farhan Al-Saud said on Tuesday that he saw no shortage of oil in the market, but a lack of oil refining capacity, making it necessary to invest more in capacity to process crude oil into various oil products. As such, the Minister  has stated there needs to be more innovation in the refining  capacity, and not an increase in oil production.