Saudi Arabia has signed a deal to put “millions of barrels” of oil in commercial storage in Japan, Minister of Petroleum and Mineral Resources Ali Al-Naimi said Tuesday.
“Asia will be a huge market and this will be a big take off,” Al-Naimi said ahead of an OPEC meeting.
About half of the Kingdom’s crude exports come to Asia, a share that is set to rise next year. Chinese state oil firms have agreed to raise 2010 crude imports from Saudi Arabia by about 12 percent from this year to top one million barrels a day, traders have said, making the world’s No. 2 oil user an important client.
No comments:
Post a Comment