Saudi Arabia sees no crude oil shortage, blames lack of refinery investment for fuel squeeze

The oil market “is relatively in balance,” Saudi Arabia’s foreign minister said May 24, as the kingdom continues to brush off calls to produce more crude to bring down soaring prices. Consumers’ pain at the pump is the result of underinvestment in refining capacity, Prince Faisal bin Farhan al-Saud told the World Economic Forum in Davos, and supplying more crude…