According to the US Energy Secretary of Energy, Chris Wright, the energy prices will be lower than the current US administration than the US Energy Minister.
“Under the leadership of President Trump in the next four years, we will almost certainly see lower average energy prices than we have seen in the last four years of the previous administration,” Wright said at a briefing with journalists in Riyadh. He refused to comment on specific price targets.
The United States at Biden often encountered Saudi Arabia over energy policy after the United States felt its introduction to increase production and reduce inflation prices were ignored. According to Bloomberg, an average of about $ 83 a barrel between 2017 and 2021.
“I cannot comment where the oil prices are today or where they go, but if you reduce the barriers for investment, reduce the barriers to create infrastructure, you can reduce energy supplies,” Wright said.
Oil prices were recently declining after Saudi Arabia and other oil countries have promised to increase production, and Trump shook markets with wide tariffs. The raw amount decreased by less than $ 65 a barrel, the lowest level after the Corovanirus pandemic and is much lower than the level at which Saudi Arabian equals its budget. According to Goldman Sachs, this may threaten the kingdom’s abilities to continue to finance their huge economic transformation plans.
However, the US and Saudi Arabia is the eye in the energy markets, Wright said. “President Trump – and I think the kingdom – wants to see increased demand for energy around the world, and we want to increase deliveries.”
The US and Saudi Arabia are also working on a preliminary agreement on cooperation on civilian energy production and expect to succeed this year, Wright said. Both countries are on the “way” to the agreement that provides for the non -proliferation and control of nuclear technology, he said.
Wright said the kingdom should be signed by the so -called 123 agreement that covers the areas, including the problems of breeding nuclear proliferation and technology transfer, Wright said. The US also believes this “critical” that Saudi Arabia does not seek to cooperate with China to develop its nuclear program.
“This opinion is shared in the two countries, and the fact that this may raise doubts is likely to indicate unproductive relations between the US and Saudi Arabia over the past few years,” he said.
Saudi Arabia had previously sought foreign developers, including Russian and Chinese companies, as well as French and South Korean, to build nuclear energy reactors.
In accordance with the Biden Administration, the US cooperation on Saudi Arabia’s nuclear program was driven by a broader transaction, which also sees both countries sign a defense pact and deepen trade relations. It would also envisage Saudi Arabia, which agreed to normalize relations with Israel. However, after the attacks on October 7, Hamas and Israel’s military reaction of Israel and Israel were thwarted.
Wright was in the Riyadh as part of a tour of several countries in the Middle East and included meetings with the Saudi Minister of Energy Prince Abdulazis Bin Salman.
Originally this story was presented on Fortune.com
https://fortune.com/img-assets/wp-content/uploads/2025/04/GettyImages-2208634335-e1744585805562.jpg?resize=1200,600
2025-04-13 23:15:00
Matthew Martin, Bloomberg
