From: Inside Story, 20 July 2020 – The Saudi Arabian foreign minister, in Tokyo, said the problem with high prices at the pump is a lack of global capacity to refine crude. Out panal included::
- Bob Cavnar – Energy and oil industry analyst – Houston
- Thomas O’Donnell – Energy and geopolitical analyst – Berlin
- Josh Young – Chief investment officer at Bison Interests – Houston
Presenter: Nastasya Tay of Al Jazeera – Doha
From Al Jazeera site: Global oil prices have hit record highs for months. The rise has been blamed on the war in Ukraine, and surging demand as economies recover from the pandemic. Another reason is a lack of refineries to turn crude oil. Global refinery output has fallen by 3.3 million barrels a day since 2020. The United States, which has the world’s largest refining capacity, is producing the lowest volumes of fuel since 2014. So what are the solutions to boost production?
Published On 20 Jul 2022