Saudi Arabia Says Trump Good for Oil Industry
Saudi Arabia Says Trump Good for Oil Industry

Saudi Arabia Says Trump Good for Oil Industry

Saudi Arabia Says Trump Good for Oil Industry

US President Donald Trump’s energy policies are good for the petroleum industry and Saudi Arabia sees no problem with growth in US oil production as long as it is in line with demand, Saudi Energy Minister Khalid al-Falih said.
“President Trump has policies which are good for the oil industries,” al-Falih said in an interview with the BBC. “He has steered away from excessively anti-fossil-fuel, unrealistic fossil-fuel policies," Bloomberg reported.
The Saudis, the world’s biggest crude exporters, are not “foes” of the US administration and they find “huge areas of alignment” with the world’s largest energy-consuming nation, he said.
Just after his inauguration on Jan. 20, Trump said he was “committed to achieving energy independence from OPEC and any nations hostile to our interests,” by exploiting “vast untapped domestic energy reserves,” according to a plan posted on the White House website.
The US imported about 3 million barrels a day from OPEC last year, with Saudi Arabia accounting for about a third of that, according to data compiled by Bloomberg.
Even as Trump commits to ending US reliance on oil from the Organization of Petroleum Exporting Countries, the new administration said it would “work with our (Persian) Gulf allies to develop a positive energy relationship as part of our anti-terrorism strategy.”
This is not the first time a US president promises to end the country’s reliance on supplies from OPEC. Former president George W. Bush promised to cut imports from the Middle East when he said in 2006 the nation was “addicted to oil.” 
Shipments from OPEC rose 10% during Bush’s time in office. Every US president going back to Richard Nixon has pledged to reduce the country’s reliance on foreign oil.
Saudi Arabia has invested “billions” of dollars in the US refining and distribution industry and may invest more “on the back of pro-industry, pro-oil and gas policies of the Trump administration,” al-Falih noted.
He said he was looking forward to working with Trump’s respective nominees for secretary of the energy and state departments, Rick Perry and former Exxon Mobil Corp. Chief Executive Officer Rex Tillerson.

Short URL : https://goo.gl/cTZevx
  1. https://goo.gl/Z3rqbV
  • https://goo.gl/Wd0sWU
  • https://goo.gl/IJJtdb
  • https://goo.gl/ch7Ulc
  • https://goo.gl/JvXC7M

You can also read ...

Russia, Ukraine to Discuss Latest Gas Dispute
Ukraine’s state-held gas company Naftogaz and Russia’s gas...
Oil Majors to Gain Clarity on Anti-Russia Sanctions
The Italian oil major Eni will discuss sanctions against...
Pasargad Energy Development Company will be commissioned to drill 126 wells in Jofeir and Sepehr fields.
In line with policies to help expand domestic companies' scope...
The California state court is seen as more favorable to the cities and counties.
California cities and counties seeking to hold five of the...
Brent, WTI Crude Futures Hit Highest in Two Weeks
Oil prices jumped on Friday, with Brent crude futures hitting...
Iraq Seeks Investors to Build Refinery
Iraq is inviting companies to bid for building a 70,000-bpd...
Gasoline Production Hits Record
Iran's gasoline production has hit a record with 77.4 million...
No Plan to Increase Oil Production in Next 12 Months
Iran does not intend to increase crude output in the next...

Add new comment

Read our comment policy before posting your viewpoints