OPEC Sees No ‘Immediate Solution’ To High Oil Prices

A lack of investment in oil supply in recent years is limiting the ability of oil-producing countries to boost production significantly, leaving the oil market without an “immediate solution” to the high oil prices, according to OPEC’s rotating president. Bruno Jean-Richard Itoua, Congo’s minister of oil and gas, holds the rotating presidency of OPEC for this year and spoke about the state of the oil market at an energy conference in Riyadh, as carried by Reuters. Oil prices topped $90 per barrel early this month and continued…