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7/19, 10:58 AM (Source: TeleTrader)
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S. Arabia FM: No shortage in oil supplies, but in production

Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al Saud stated on Tuesday that his country does not see a shortage in oil in the market but in refining capacities.

Speaking at Arab News Japan Roundtable in Tokyo, the minister underscored that without the Organization of the Petroleum Exporting Countries and its partners' (OPEC+) cooperation, there would be no sufficient supplies of the commodity in the world. He also underscored that Russia is an integral part of the alliance.

Back in June, the OPEC+ agreed to raise the level of monthly production increases by 50% in July and August. The next OPEC and non-OPEC Ministerial Meeting will take place on August 3.

Baha Breaking News (BBN) / JR