Prince Saud Alfaisal, the Foreign Minister of the Kingdom of Saudi Arabia, said the Kingdom of Saudi Arabia has, in the past, proved that it was a reliable source of oil and that it was able to provide the world market with supplies when necessary.
In a lecture at the Baker Institute in the U.S., the Saudi Minister of Foreign Affairs said the current shortage of oil in the world market has nothing to do with supply. He attributed the shortage to deficiency in the refining industry, oil storage capacity and restrictions imposed on oil industry, thus paralyzing it from building more refineries.
