Saud said a big problem with energy markets is a lack of refineries in the US and elsewhere. He noted that Saudi Arabia had sought to help build a refinery in the US with no takers. It is building two refineries in Saudi Arabia, he said.
"We are adding barrels of oil on the market," Saud said. "It has no place to go."
The refinery problem was echoed Friday by Venezuela's oil minister, who said OPEC "can do nothing more" to bring down rising oil prices, which he blamed on refining bottlenecks.
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