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Aramco: Rising US inventories will not affect oil prices
Saudi Aramco chief executive and chief executive Amin al-Nasser said on Sunday that oil prices will maintain their cohesion despite the rising US inventory, the Riyadh newspaper reported.
Al-Nasser pointed out that the 5-year rate is still falling continuously due to increasing demand, which will help the price stability above $ 70 a barrel.
Saudi Aramco's chairman said the agreement between Opec members and its members, which was extended until the end of 2018, was still in full compliance with the agreement, which is in the interest of all relevant countries.
Nasser's remarks came on the sidelines of the company's initiative to plant one million trees for the Ministry of Environment, Water and Agriculture program to plant 10 million trees.
In addition, the Saudi official ruled out that the volume of quantities discovered within the territorial waters of the Kingdom of Bahrain would affect the oil market, pointing out that it is still in the exploration and exploration phase, noting that it is not aware of the quantities discovered.
He stressed the readiness of Aramco to cooperate with the competent authorities in Bahrain to benefit economically from the newly discovered oil wealth. The Saudi company has extensive experience in the establishment of platforms and exploration on land and deep sea, in addition to the development of production chains, The concerned authorities in Bahrain.
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