14:53 GMT +318 June 2018
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    Saudi Arabia's Deputy Crown Prince and Minister of Defense Muhammad bin Salman Al Saud. (File)

    US, Saudi Arabia to Develop $200Bln Investment Program - White House

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    US President Donald Trump agreed in a meeting with Saudi Deputy Crown Prince and Defense Minister Mohammed bin Salman Abdulaziz Al Saud to support a joint $200 billion, four-year investment program, the White House said in a statement on Wednesday.

    WASHINGTON (Sputnik) — During the meeting on Tuesday, Trump expressed support for US investments in Saudi Arabia and bilateral trade opportunities.

    "President Trump provided his support for developing a new United States-Saudi program, undertaken by joint US-Saudi working groups, and its unique initiatives in energy, industry, infrastructure and technology worth potentially more than $200 billion in direct and indirect investments within the next four years," the statement said.

    Furthermore, Trump and Salman agreed to continue bilateral energy consultations in a way that limits supply disruption and market volatility, the White House said.

    According to the US Energy Information Administration the United States exported 4.7 million barrels of oil per day to 147 countries in 2015, mostly in the form of petroleum products.

    In the same year, OPEC member Saudi Arabia exported 1.1 million barrels per day of petroleum products and 7.1 million barrels per day of crude oil.


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