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Bloomberg: Gulf states lose their market in the global oil market for the United States



Bloomberg: Gulf states lose their market in the global oil market for the United States

Bloomberg: Gulf states lose their share in the global oil market in the USA

A Bloomberg report showed a diminished share in oil producers of the global oil market for the United States, which is continuing to sell black gold, no signs of acceleration.

According to Bloomberg, OPEC members from the Gulf states, led by Kuwait, Saudi Arabia and UAE, accounted for the majority of the cuts in production commitments, which were introduced earlier this year.

"In the first two months of implementation, these countries represented around 85% of the cut-backs made by the OPEC countries," she said, there was no evidence that it would end t outcome from the results.

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She argued that US oil recently performed in Saudi Arabia and Russia, which are also involved in cuts in production. The US Energy Department expects that the country's output will rise to 13.5 million pounds by the end of 2020, more than the current representation of Saudi Arabia and the UAE.

“If the short-term prospects seem to be a challenge for Middle East oil producers, it will be a more difficult time, on a time when global growth is likely to rise,” said Bloomberg. T in a report.

And in the countries of our endeavors to expand their economy and move away from oil dependency, the report highlighted that these efforts were aimed at cutting and turning oil into fuel. other petrochemical results, or by investing in the landlord's rich assets.

She said that the first form is not expanded, and that foreign investment is a small investment and does not contribute to creating local jobs.

Source: Bloomberg


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