![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() by Daniel J. Graeber New York (UPI) Jun 23, 2016
Joint efforts needed to ensure stability in the global oil market were reviewed between Saudi and U.S. officials, the Saudi government's press agency said. Saudi Deputy Crown Prince Mohammed bin Salman is in Washington this week to meet with officials ranging from House Speaker Paul Ryan, President Barack Obama and members of the U.S. Chamber of Commerce. The official Saudi Press Agency reported Thursday the crown prince met with U.S. Energy Secretary Ernest Moniz in New York. "During the meeting, they discussed cooperation between the two countries in a number of fields, including research, technology, energy efficiencies, computing and renewable energy," the press agency reported. "They also discussed the current situation in the oil market and supporting joint efforts for the stability of the energy markets and the supply of energy to world markets in a sustainable manner." The Saudi Cabinet of Ministers agreed early this year to communicate with major oil producers in a way that would reduce fluctuations in crude oil prices. As the de facto leader of the Organization of Petroleum Exporting Countries, and the group's largest producer, Saudi Arabia had in the past worked to protect a market share in an era when U.S. crude oil production was rivaling the kingdom's. OPEC members earlier this year suggested freezing production at January levels in an effort to influence a market that at the time was skewed heavily toward the supply side. That proposal collapsed after Iran, one of Riyadh's main adversaries, said it wanted to regain a market share lost to sanctions. Saudi Arabia has been accused of over-producing in an effort to crimp output from U.S. shale oil basins. The U.S. Energy Information Administration reported total U.S. crude oil production in May at 8.7 million barrels per day, a decline of about 200,000 bpd from April. U.S. crude oil production last year averaged 9.4 million bpd.
Related Links All About Oil and Gas News at OilGasDaily.com
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |