Saudi Oil Minister Welcomes Trump Era - BBC News

Saudi Oil Minister Khalid al-Falih has told the BBC's Chief International Correspondent Lyse Doucet he is pleased that US President Donald Trump plans to pursue a more fossil fuel-oriented energy policy. He insisted he was unconcerned by Mr Trump's promise to pursue energy independence and said Saudi Arabia had invested billions of dollars in the American oil industry.

Saudi Oil Output to Rise in July
Photo of the Saudi Oil Minister, Ali al-Naimi, courtesy of the BBC
BBC: Saudi Arabia will increase its oil production by 200,000 barrels a day next month, its oil minister has told the United Nations.

The news was announced after UN Secretary General Ban Ki-Moon met Saudi Oil Minister Ali al-Naimi in Jeddah during a one-day visit on Sunday.

Last month, the Kingdom increased its production by 300,000 barrels a day in an attempt to bring down high prices.

It argues soaring prices are caused by speculators rather than oil shortages.

Oil prices fell by almost $2 on Friday after reports that Saudi Arabia might boost oil production. US light, sweet crude was trading at $134.86 in New York.

Speculative factors

After an earlier meeting with the Kingdom's King Abdullah, Mr Ban said Saudi Arabia, the world's biggest oil producer, viewed current prices as "abnormally high". Saudi Oil Output to Rise in July >>> | June 15, 2008

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