The globe’s top shipper of crude oil is capable of maintaining its present level of exports through 2033 despite increasing demands for the energy commodity, the nation’s assistant minister of petroleum told Bloomberg.
Saudi Arabia will not need to augment capacity to the 12.5 million barrels per day that it is capable of generating, Prince Abdulaziz bin Salman told the news source on Monday. The nation is aiming to enhance energy efficiency as part of a strategy to ensure exports.
“We will maintain our current oil exports levels for the next 20 years and beyond despite the rise in demand,” the assistant minister told the news source. “Those who are forecasting the kingdom to turn into an oil importer are ignorant bordering idiocy.”
At 12:30 p.m. on Tuesday, WTI crude oil futures gained 1.07 percent, a $1.03 increase to $97.47 per barrel. Brent crude oil futures rose 0.48 percent, a 55-cent climb to $114.03 per barrel.
Reuters reports the energy commodity’s gains on Tuesday were linked with economic data noting the U.S. housing market is growing stronger, which enhances hopes for quicker economic growth and increased fuel demand.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.