Average global oil prices under the current US administration will be lower than under the previous one. This was stated at a briefing in Riyadh, Saudi Arabia, by US Energy Secretary Chris Wright, UNN reports, citing Bloomberg.
Details
At the same time, he did not make any forecasts regarding specific price indicators.
Under President Trump's leadership over the next four years, we will almost certainly see lower average energy prices than we have seen over the past four years of the previous administration.
The publication points out that Washington under President Biden has often clashed with Saudi Arabia over energy policy because the US "felt that its requests to increase production and lower prices to combat inflation were ignored."
I can't comment on where oil prices are today or where they are going, but if you reduce barriers to investment, reduce barriers to building infrastructure, you can reduce the cost of energy supply.
He added that the US and Saudi Arabia are working closely together in energy markets, and "President Trump - and I think the Kingdom - want to see energy demand grow around the world, and we want to see supply grow."
Recall
Oil prices fell sharply, reaching their lowest level since February 2021. The reason was concerns about falling demand amid an escalation of the trade war between the US and China, as well as the prospect of rising supply in the market.