US Energy Secretary Chris Wright announced that during Donald Trump’s presidency, the US expects a decrease in average energy prices compared to previous years. According to him, this trend will be supported by active collaboration with Saudi Arabia, which is one of the key partners in the oil sector.
This is reported by Business • Media
From 2017 to 2021, the average price of oil fluctuated around $83 per barrel. After the introduction of trade tariffs, US prices dropped to less than $65 per barrel, marking a significant change in the global oil market.
New Fields and Production Prospects
The Saudi Arabian state oil and gas company Saudi Aramco has discovered 14 new oil and gas fields in the eastern part of the country and in the Rub’ al Khali desert. The productivity of six fields and two oil layers exceeds 8,000 barrels per day.
Additionally, the multinational company BP has found new oil reserves in the US Gulf of Mexico. The company’s plans include increasing daily production in the region to 400,000 barrels by 2030, indicating a revitalization of the oil sector.
Global Demand Forecasts and Challenges
In April of this year, the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for global oil demand growth due to the results of the first quarter and the expected impact of US trade tariffs. According to the new estimates, demand will increase by 1.3 million barrels per day, which is 150,000 less than the previous forecast in March.
“The oil market is facing challenges due to global economic changes and trade restrictions,” analysts note.
Overall, these trends demonstrate an intensification of oil exploration and attempts to stabilize prices in the global market, despite external economic factors.