Saudi Arabia says it won't take any further action to curb soaring oil prices

Speaking at the World Economic Forum in Davos, Saudi Arabian Foreign Minister Prince Faisal bin Farhan said the kingdom was doing everything in its power to curb soaring oil prices.
Oil prices have soared to over $110 a barrel since Russia's invasion of Ukraine sparked an energy crisis.
Saudi Arabia's foreign minister told the World Economic Forum that it would take no further action to calm markets.
"The Kingdom did what it could," said Prince Faisal bin Farhan at a panel in Davos.
Saudi Arabia is unlikely to take any further action to curb the rise in oil prices, according to the country's foreign minister.
"As far as we know, there is no oil shortage," Prince Faisal bin Farhan told the World Economic Forum in Davos on Tuesday. "The Kingdom did what it could."
Saudi Arabia is the world's largest crude oil exporter, according to the International Energy Agency. In March, the IEA put together a 10-point plan to release more oil from inventories to curb soaring prices.
Russia is one of the world's largest oil producers and its invasion of Ukraine has created an energy crisis. Crude oil prices are up nearly 70% over the past year and are up 20% to over $110 a barrel since the Russian onslaught began.
"In our estimation, the oil supply is currently relatively balanced," said Prince Faisal.
"It's a lot more complex than just putting barrels on the market," he added - seemingly implying that Saudi Arabia would not release any more oil shipments.
The rise in oil prices has contributed to rising US inflation, which hit 8.3% in April. The Executive Director of the IEA has also warned that a summer spike could trigger a global recession.
"This summer will be difficult because in the summer, as we know, oil demand usually increases during the high season," Fatih Birol told Bloomberg TV on Monday. Birol also said that "everyone in the global energy markets" must do whatever it takes to keep energy prices under control.
But Prince Faisal argued that the solution to rising energy prices lay in further investment in refineries rather than increased supply.
"The problem is refined products, which is more related to a lack of investment in refining capacity over the last year and a half [to] two years."
Saudi Arabia is the de facto leader of the Organization of Petroleum Exporting Countries. The group, together with partner countries such as Russia, Oman and Kazakhstan, have jointly restricted crude oil production since April 2020 in response to the collapse in demand due to the coronavirus crisis. This deal expires in three months.
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