Saudi foreign minister says there is no more to tame oil markets

None Biden misspeaks on Taiwan, Says the US Military Would Intervene

Saudi Arabia's foreign minister said there was nothing more the kingdom can do to tame oil markets, implying that the world's biggest crude exporter has no plan to accelerate its gradual production increases.

Prince Faisal bin Farhan spoke about the World Economic Forum in Davos, Switzerland, as far as we know, there is no shortfall of oil. There is enough energy in the market while we transition to a renewable future. The kingdom has done what it can. Prince Faisal said that the US could give Riyadh in exchange for more crude, as a result of a question about what the US has put pressure on the Saudis and other members of the OPEC to pump faster. In an interview this month, Saudi Energy Minister Abdulaziz bin Salman said that a refining crunch was to blame for soaring fuel prices.

Prince Faisal said it was more complex than just bringing barrels to the market. Our assessment is that the supply of oil is relatively in balance right now. Oil prices have climbed almost 70% in the last year to around $110 a barrel, first as demand rebounded from the coronaviruses and then after Russia invaded Ukraine.

The Organization of Petroleum Exporting Countries and its partners, a 23 nation group led by Riyadh and Russia, are raising daily crude output by around 430,000 barrels per month. Several major importers, including the US and Japan, have called for OPEC to go faster. Many of the members of the group are not meeting their quotas, and it is struggling to reach even that modest monthly target.

Inflation is pushing pressure on US President Joe Biden ahead of November s mid-term elections due to pump prices hitting record highs in the US.

Saudi Arabia and the United Arab Emirates have said that fuel prices have gone up because of lack of investment in refineries across the world in the past several years. They argued that pumping more crude would not help the market because refineries are largely at full capacity.

Thrill of Better Office Wi-Fi

None of the Math Prodigy Whose Hack Upended DeFi Won t give back his Millions back if he didn't give back his millions.

None Compensation is becoming an even bigger headache in the Remote-Work Era.

None Open With Care: That Next Power Bill Could Shock You

None The Most Important Force in Food Has Nothing To Do With Fake Meat?