{"id":201,"date":"2018-10-06T13:01:00","date_gmt":"2018-10-06T13:01:00","guid":{"rendered":"http:\/\/thefreezoneblog.com\/blog\/2018\/10\/06\/saudi-arabia-eyes-600b-in-sovereign\/"},"modified":"2018-10-06T13:01:00","modified_gmt":"2018-10-06T13:01:00","slug":"saudi-arabia-eyes-600b-in-sovereign","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/saudi-arabia-eyes-600b-in-sovereign\/","title":{"rendered":"Saudi Arabia eyes $600b in Sovereign Wealth Fund"},"content":{"rendered":"
The Sovereign Wealth Fund of Saudi Arabia will surpass its target of increasing its financial clout to $600 billion by 2020, as part of the efforts to wean economy off oil.<\/u><\/u><\/div>\n
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The Kingdom\u2019s Crown Prince Mohammed bin Salman said: \u201cWe are now above $300 billion, we\u2019re getting close to $400 billion.<\/u><\/u><\/div>\n
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“Our target in 2020 is around $600 billion. I believe we will surpass that target in 2020,\u201d the prince said.<\/u><\/u><\/div>\n
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He added that the fund, with more than 50 per cent of its investments located in Saudi Arabia will be investing in more places next year.<\/div>\n
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The young prince also said that the country\u2019s 2019 budget will exceed 1 trillion riyals ($267 billion) for first time.<\/u><\/u><\/div>\n
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Crown Prince Mohammed bin Salman also said the kingdom has met its promise to Washington to make up for Iranian crude oil supplies lost through U.S. sanctions.<\/u><\/u><\/div>\n
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\u201cThe request that America made to Saudi Arabia and other OPEC countries is to be sure that if there is any loss of supply from Iran, that we will supply that. And that happened,\u201d Prince Mohammed told Bloomberg on Friday.<\/u><\/u><\/div>\n
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\u201cIran reduced their exports by 700,000 barrels a day, if I\u2019m not mistaken. And Saudi Arabia and OPEC and non-OPEC countries, they\u2019ve produced 1.5 million barrels a day. So we export as much as 2 barrels for any barrel that disappeared from Iran recently. So we did our job and more.\u201d<\/u><\/u><\/div>\n
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Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices and informed the United States before a meeting in Algiers with other producers, Reuters reported this week.<\/u><\/u><\/div>\n
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U.S. President Donald Trump has blamed the Organisation of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the U.S. congressional elections on Nov. 6.<\/u><\/u><\/div>\n
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Benchmark Brent oil LCOc1 rallied above $86 this week mainly stemming from a decline in oil exports from OPEC member Iran due to fresh U.S. sanctions. It settled at $84.16 a barrel on Friday.<\/u><\/u><\/div>\n
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Iran, OPEC\u2019s third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to U.S. pressure.<\/u><\/u><\/div>\n
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Saudi Arabia is the world\u2019s top oil exporter and OPEC\u2019s de-facto leader.<\/u><\/u><\/div>\n
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The Saudi crown prince said the recent rise in oil prices was not due to Iran.<\/u><\/u><\/div>\n
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\u201cWe believe the higher price that we have in the last month, it\u2019s not because of Iran. It\u2019s mostly because of things happening in Canada, and Mexico, Libya, Venezuela and other countries that moved the price a little bit higher,\u201d he told Bloomberg.<\/u><\/u><\/div>\n
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\u201cBut Iran, definitely no. Because they reduced 700,000 barrels and we\u2019ve exported more than 1.5 million barrels a day.\u201d<\/u><\/u><\/div>\n
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Saudi Arabic is now pumping about 10.7 million barrels per day and can add a further 1.3 million bpd of production \u201cif the market needed that,\u201d Prince Mohammed said.<\/u><\/u><\/div>\n
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\u201cWe have spare capacity of 1.3 million without any investment\u2026 And with other OPEC countries and non-OPEC countries we believe we have more than that, a little bit more than that,\u201d he said. \u201cOf course there is opportunity for investment in the next three to five years.\u201d<\/u><\/u><\/div>\n
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Saudi Arabia is the only oil producer with significant spare capacity on hand to supply the market if needed. The kingdom has a maximum sustainable capacity of 12 million bpd.<\/u><\/u><\/div>\n
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Prince Mohammed also said he hoped to resume oil production from the Neutral Zone, which Saudi Arabia shares with Kuwait, after resolving pending issues between the two Gulf OPEC allies.<\/u><\/u><\/div>\n
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\u201cWe believe that we are almost close to having something with Kuwait. There are only small issues that have been stuck there for the last 50 years. The Kuwaiti side, they want to fix it today, before we continue to produce in that area,\u201d he said.<\/u><\/u><\/div>\n
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\u201cWe\u2019re trying to have an agreement with the Kuwaitis to continue to produce for the next five to 10 years and at the same time, we work on the sovereignty issues.\u201d<\/u><\/u><\/div>\n
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The crown prince flew to Kuwait on Sunday to discuss the resumption of oil output from the Neutral Zone, a source familiar with the matter had told Reuters.<\/u><\/u><\/div>\n
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 <\/p>\n

The resumption of the Neutral Zone\u2019s oilfields could add up to 500,000 bpd of oil output capacity to Saudi Arabia and Kuwait<\/u><\/u><\/div>\n","protected":false},"excerpt":{"rendered":"

The Sovereign Wealth Fund of Saudi Arabia will surpass its target of increasing its financial clout to $600 billion by 2020, as part of the efforts to wean economy off oil. The Kingdom\u2019s Crown Prince Mohammed bin Salman said: \u201cWe are now above $300 billion, we\u2019re getting close to $400 billion. “Our target in 2020 […]<\/p>\n","protected":false},"author":1,"featured_media":1135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[80],"class_list":["post-201","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-finance","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nSaudi Arabia eyes $600b in Sovereign Wealth Fund - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/saudi-arabia-eyes-600b-in-sovereign\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia eyes $600b in Sovereign Wealth Fund - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The Sovereign Wealth Fund of Saudi Arabia will surpass its target of increasing its financial clout to $600 billion by 2020, as part of the efforts to wean economy off oil. 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