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Saudi Arabia Plans Shipbuilding Complex to Support Oil Exports

Washington - The country, the world’s largest oil-producing nation, eventually will have a shipping fleet that will match its oil capabilities, Al-Falih said in Riyadh.

Washington - Saudi Arabia will build a maritime complex on its east coast, with shipbuilding capability, to provide sufficient capacity for exporting oil, Energy Minister Khalid Al-Falih said Sunday. The country, the world’s largest oil-producing nation, eventually will have a shipping fleet that will match its oil capabilities, Al-Falih said in Riyadh. Saudi Arabian Oil Co., or Aramco, will need more tankers to meet global demand, he told reporters. Oil prices have rebounded more than 70 percent from the 12-year low reached earlier this year as a Saudi Arabian-led OPEC strategy to pressure rivals with lower prices slowly eliminates a surplus in global supply.
Al-Falih told the Houston Chronicle newspaper in June that the glut was over, an assessment shared by the International Energy Agency, which said on June 14 that the crude market will be balanced in the second half of 2016... READ MORE

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