Saudi Energy Minister Says Record Fuel Costs Driven by Refining Crunch
- Refinery closures have reduced capacity: Prince Abdulaziz
- Prince forewarned of crisis at conference in India in October
Source: Bloomberg
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Saudi Arabia’s top oil official said that a refining crunch -- rather than any shortage of crude -- is driving the surge in fuel costs to unprecedented levels.
“The bottleneck is now to do with refining,” Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview. “I did warn this was coming back in October. Many refineries in the world, especially in Europe and the US, have closed over the last few years. The world is running out of energy capacity at all levels.”