Saudi Arabia’s foreign minister said on July 19 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 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,” Foreign Minister Prince Faisal bin Farhan Al Saud told reporters in Tokyo.

Global oil prices have soared after Russia’s invasion of Ukraine and ensuing sanctions on Russian energy stoked supply concerns.

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Asked about the kingdom’s ties with Moscow, Prince Faisal said Russia remains an important partner, especially in regard to the stability of the oil market.

“Russia is an integral part of OPEC plus, and without cooperation in OPEC+ as a collective, it would be impossible to properly ensure adequate supplies of oil to the international markets,” he said.