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LONDON, June 3 (Reuters) - Saudi Aramco's vice president for energy and economic reporting, Musab al-Mulla, said the current oil supply crisis reveals a lack of investment in oil refining while demand remains strong.

He added during the Middle East Oil and Gas Conference, organized by S&P Global Energy in London, that refining capacity lost about three million barrels per day between 2020 and 2023.

He continued, "We now realize that if we had those refineries, we could certainly have mitigated the effects of the current crisis."

The global market lost supplies equivalent to about 14 million barrels per day from producing countries in the Middle East region due to the war in Iran, attacks on energy infrastructure, Iran’s near-total closure of the Strait of Hormuz, and the subsequent US naval blockade.