Saudi Crown Prince blames refining limitations for high oil price

Dubai (Platts)--15Sep2005

Saudi Arabian Crown Prince Sultan Bin Abdel Aziz was quoted Thursday as 
saying that high crude oil prices were due to refining limitations in
consuming nations, not supply shortages, but the kingdom was concerned enough
that it was ready to meet any shortage in supply and satisfy incremental
demand. 

     "The current increase in crude oil prices is not due to any shortage 
of crude oil supplies but is the result, as everyone knows, of higher demand 
for oil products, a shortage of refining capacity in addition to natural and 
political events that some of the producing countries have undergone as well 
as the actions of speculators," the crown prince was quoted as saying by the 
official news agency SPA. 

     "We would like to express our concern over high oil prices and to that
end, reaffirm the kingdom's readiness to exert all its efforts in order to
make up for any shortage in supply and satisfy incremental demand," he said.
The crown prince spoke at a reception held in New York by the US-Saudi
business council Wednesday night.

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