US oil market always key to us: KSA

Dhaka,  Mon,  24 July 2017
Published : 11 Jun 2017, 21:41:28
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US oil market always key to us: KSA

RIYADH, June 11 (agencies): A drawdown in crude oil inventories will accelerate in the next three to four months, Saudi Arabian Energy Minister Khalid al-Falih said on Sunday.

Falih, speaking to reporters in the Kazakh capital of Astana, also said Saudi Arabia planned to grow exports to the United States in the long-term.

"The US market will always be key (to us), in the long term we will continue and grow exports to the Unites States, today the United States is well supplied," Falih told a briefing.

Meanwhile, the energy ministers of Russia, Saudi Arabia and Kazakhstan did not discuss any adjustments to output levels Kazakhstan agreed to as part of a global oil output deal, Russian Energy Minister Alexander Novak was quoted as saying on Saturday.

"No, we did not discuss (it). Kazakhstan is committed to fulfilling the agreement," Novak was quoted by Russian news agencies as saying after talks between the three ministers.

As part of a global deal between the Organisation of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, Astana pledged to keep overall production at 1.7 million barrels per day (bpd). But Kazakh Energy Minister Kanat Bozumbayev said last month that Kazakhstan would need to adjust the terms of the deal as it expects to boost output later this year thanks to the giant Kashagan field.

Another report from Tehran adds: International energy companies including Total, Petronas and Inpex, have presented technical surveys for the development of the Azadegan oilfield, an Iranian oil official was quoted as saying on Saturday.

Tehran is looking to ramp up its crude output and with 37 billion barrels of oil, the Azadegan field is Iran's largest, shared with its neighbor Iraq. It is located in southern Iran, 80 km west of the Khuzestan provincial city of Ahvaz.

The managing director of Iran's Petroleum Engineering and Development Company was quoted by Mehr news agency as saying that France's Total, Malaysia's Petronas, and Japan's Inpex Corp have offered their surveys on the field.

Noureddin Shahnazizadeh added that some other companies like Royal Dutch Shell, Italy's oil and gas group Eni, and China National Petroleum Corp (CNPC) are also interested in the tender for development of the oilfield.

Iran's oil minister said in May that the international tender for the Azadegan oilfield was underway.
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