Highlights Saudi FM says oil market ‘relatively in balance’ Global refining capacity shrank in 2020, 2021: S&P Global OPEC+ under fire for maintaining production cuts 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. Receive daily email alerts, subscriber notes & personalize your experience. Register Now 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 will not relieve the tightness in gasoline and diesel. “It’s much more complex than just bringing barrels to the market,” he said. “As far as we are aware, there is no shortfall of oil. The problem is refined products, which is something that is more connected to a lack of investment over […]