Trump's Energy Policy: A Course Towards Cheap Oil and Cooperation with Saudi Arabia.

14.04.2025 1403

Journalist Shostal Oleksandr

14.04.2025 1403

Trump and Saudi Arabia discuss oil cooperation

Under Donald Trump's presidency, energy prices in the USA are expected to be lower than in the previous administration. This was stated by Energy Secretary Chris Wright. He did not provide specific price targets but noted that lowering barriers for investment and construction could reduce energy costs.

In the past, the USA and Saudi Arabia have conflicted over energy policy. This occurred due to Saudi Arabia's refusal to increase production and lower energy prices. The price of oil between 2017 and 2021 averaged 83 dollars per barrel.

According to the Secretary, the USA and Saudi Arabia foresee a rise in global energy demand and an increase in its supply. The countries are also working on an agreement for cooperation in nuclear energy production and share a common position regarding Saudi Arabia's partnership with China in developing a nuclear program.

Recently, oil prices have been declining; however, this may negatively affect the financing of Saudi Arabia's expansive economic transformation plans. It is also worth noting that a previous agreement between the USA and Saudi Arabia was canceled due to attacks on Israel and Israel's response.