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More Arab oil to the United States

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More Arab oil to the United States
June 12
09:00 2017

A press conference on energy issues was held yesterday, on Sunday. Negotiations took place at the level of ministers. The main issue of the conference was the measures that would ensure the sustainable development of the energy sector. The capital of Kazakhstan gathered the energy ministers from 20 countries around the world and invited the experts from such authoritative international organizations as the United Nations, International Renewable Energy Agency IRENA and the OSCE.
Khalid al-Falih, who represented Saudi Arabia at the conference, announced the intention of the kingdom to increase the volume of oil supplies to the United States of America.
The minister, who is also the president of the company Saudi Aramco, cleared up the experts’ doubts about the continued oil export by Saudi Arabia to the United States.
Khalid al-Falih stressed that the US market remained a priority for Saudi Arabia. The minister outlined that the USA was exporting its own oil while Saudi Arabia was cutting oil production according to the reached agreements within the OPEC cartel, but both those facts did not have a significant impact on the long-term prospect, which was to increase oil supplies to the US market.
“The US market will always be the key for the kingdom,” the minister said.
Recently, Saudi Arabia has acquired oil refineries with capacities of 600,000 barrels per day, confirming the seriousness of their intentions. Preliminary estimates indicate that investments in the American economy by the kingdom could reach $ 18 billion.

The material was prepared with the participation of  Marina German,
a leading analyst of the brokerage company CT Trade

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