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.
Source: Reuters (Reporting by Aziz El Yaakoubi Writing by Maher Chmaytelli Editing by David Goodman)