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National Oilwell will own 70% of the joint venture.
The deals with top U.S. companies such as oilfield services firms Schlumberger, Halliburton, Baker Hughes, and Weatherford are part of the Saudi Aramco's push to develop local manufacturing.
"At 520.8 million barrels, U.S. crude oil inventories are in the upper half of the average range for this time of year," an EIA report said.
The the first quarter of 2017 was unkind to the S&P 500 energy sector as U.S. production to keep pace with OPEC production cuts.