Saudi Foreign Minister Prince Faisal bin Farhan Al Saud announced today, Tuesday, that he does not see a shortage of oil in the market, but rather a shortage of refining capacity, which makes it necessary to increase investment in the ability to process crude oil into various oil products.
He told reporters in Tokyo, where he is on an official visit: “Even today we do not see a shortage of oil in the market. There is a shortage of refining capacity, which is also a problem, so we need to increase investment in refining capacity.”
The Saudi Foreign Minister met today with Japanese Prime Minister Fumio Kishida.
And the Saudi Press Agency (SPA) stated that during the reception, they reviewed the bilateral relations between the two friendly countries, ways of developing and strengthening them, and prospects for cooperation in accordance with Vision 2030, in addition to discussing a number of regional and international issues of common interest.
Prince Faisal also met his Japanese counterpart Yoshimasa Hayashi, at the Likura Palace in the Japanese capital, Tokyo.
SPA stated that during the meeting, aspects of relations between the Kingdom and Japan were reviewed, and ways to support and enhance them to serve the interests of the two friendly countries and peoples, in addition to discussing ways to enhance joint bilateral coordination in many different issues and fields.