There is no "immediate solution" to high oil prices, Bruno Jean-Richard Itoua, president of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday.
The oil-producing countries' capacity to increase crude supply is curtailed by a lack of investment in the industry, said Itoua, who is also Congo’s minister of hydrocarbons.
Itoua was addressing an energy conference in Riyadh.
Meanwhile, Saudi Aramco Trading signed with Egypt’s Red Sea National Petrochemicals Company a non-binding crude oil supply and product offtake agreement, a statement by Aramco Trading said on Tuesday.
Under the agreement, Aramco Trading will supply 100,000 barrels per day of Arabian Crude into Red Sea’s Refining and Petrochemical complex, which is expected to be built at the Suez Canal Economic Zone in Ain Sokhna.
The agreement will pave the way for Aramco Trading to buy products from Red Sea, which include polymers, olefins, and liquid refined and petrochemical products, the company added.
