OPEC+ Ministers Say Pumping More Oil Won’t Ease Gasoline Prices
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Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even if the world’s biggest exporters pumped more crude.
Prince Abdulaziz bin Salman’s reiteration that there are “physical impediments that no producer can solve,” comes as spiking gasoline and diesel compound inflationary pressures that are worsening a global cost-of-living crisis. At the same time, the determination of OPEC+ to stick to modest supply increases -- despite flows from coalition member Russia being disrupted by an international boycott -- has drawn the ire of US lawmakers.