Saudi foreign minister does not expect immediate global oil shortage

DAVOS, Switzerland – Saudi Arabia does not expect an immediate shortage of oil and only a certain shortage of oil products, the country’s foreign minister Prince Faisal bin Farhan Al Saud said on Tuesday when asked why Riyadh has rebuffed U.S. calls to raise production.

The Saudi minister was addressing business leaders at the World Economic Forum in the Swiss Alpine resort of Davos.

(Reporting by Dmitry Zhdannikov; Editing by Alexander Smith)