Saudi Arabia taking control of America’s largest oil refinery

Saudi Aramco, the state oil company of OPEC’s most powerful player, recently announced plans to take full control of the sprawling Port Arthur, Texas refinery. The Gulf Coast facility is the largest refinery in the U.S. and can process 600,000 barrels of oil a day

It will give the Saudis complete control over the refinery. They could then likely bring more of their own crude oil into the U.S. for refining and selling in the North American market.

On the one hand, Saudi Arabia has long been a source of oil for America. The U.S. imported 1.2 million barrels of Saudi oil per day as of the end of February, according to the U.S. Energy Information Administration. That’s nearly twice as much as the year before.

MONEY CNN Saudi Arabia taking control of America’s largest oil refinery