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.
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