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Saudi Retreat From U.S. Oil Market Cuts Exports to 30-Year Low [Bloomberg Business News]

ROYAL BANK of CANADA (RY)  More Company Research Source: Bloomberg Business News
Last royal bank of canada earnings: 2/23 06:00 am Check Earnings Report
PDF For a generation, the huge, whitewashed storage tanks at America’s largest oil refinery in Port Arthur, Texas, have stored almost nothing but Saudi crude. The plant is owned the Saudi Arabia’s state-run oil company, Aramco, and since it first bought a stake in 1988, the Motiva refinery guaranteed the kingdom a strategic foothold in the world’s largest energy market. The tankers carrying millions of barrels a month of Arab Light crude from the Saudi export terminals to Port Arthur were testament to the strength of the energy and political ties binding Riyadh and Washington. All of a sudden, there are very few Saudi ships arriving in Texas. Since July, Aramco has constricted supply, attempting to drain the crude storage tanks at Motiva -- and many others across America -- part of a plan to lift oil prices, even at the cost of sacrificing its once prized U.S. While Motiva is most affected, the rest of the U.S. oil refining system, from El Segundo in California to [Read more]

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