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Is the shortage of refineries driving up global fuel prices? | Oil and Gas

Are from: Inside story

Saudi Arabia calls for increased crude oil refining capacity.

Global oil prices have hit a multi-month record high.

The increase is attributed to the war in Ukraine and increased demand as economies recover from the pandemic.

Another reason is the lack of refineries to turn crude oil – which is dug up from the ground – into useful products, such as gasoline, 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 bpd since 2020.

The United States, which has the world’s largest refining capacity, is producing the lowest amount of fuel since 2014.

So what is the solution to boost production?

Presenters: Nastasya Tay

Guest:

Bob Cavnar – Oil and Energy Industry Analyst

Thomas O’Donnell – Energy and Geopolitics Analyst

Josh Young – Investment Director at Bison Interest

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