Tight global refinery capacity and lack of investment adding to high oil prices: Saudi minister

Saudi Arabia's Economy and Planning Minister Faisal Alibrahim (right) at the 51st annual meeting of the World Economic Forum in Davos on May 25, 2022. PHOTO: EPA-EFE
New: Gift this subscriber-only story to your friends and family

SINGAPORE - Overworked refining systems, a lack of investment in expanding capacity and geopolitical tensions have helped drive up oil prices, noted Saudi Arabia's Minister of Economy and Planning.

Mr Faisal Alibrahim told The Straits Times at the World Economic Forum in Davos on Thursday (May 26): "We have been calling for investments in capacity, whether it is at the production level or the refining level for a while now, because we, like most if not all experts, see a continuous rise in demand for oil.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and straitstimes.com

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.