Is a shortage of oil refineries pushing up global fuel prices?
Saudi Arabia calls for greater capacity to refine crude.
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 – what is dug up from the ground – into useful products, such as petrol, diesel and jet fuel.
Saudi Arabia’s foreign minister has called for more investment in refineries.
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?
Presenter: Nastasya Tay
Guests:
Bob Cavnar – Energy and oil industry analyst
Thomas O’Donnell – Energy and geopolitical analyst
Josh Young – Chief investment officer at Bison Interests