Opec is hoping to extend existing oil production cuts, in order to push prices higher.
Saudi Aramco plans an investment of up to $30 billion in its U.S. subsidiary Motiva Enterprsies LLC, the company said in an announcement at a business summit in Saudi Arabia. The company said that $12 billion would be the initial investment in a project to expand refining capacity at Motiva's Port Arthur, Texas, refinery, already the largest in the United States, and to extend Motiva's operations in the petrochemical value chain, according to a statement about the investment. A likely additional investment of $18 billion is expected in Motiva by 2023, it said.
Saudi Arabia, one of the world’s most oil-dependent economies, has declared that they intend to end their nation’s oil addiction by 2030