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U.S. role in the oil market still important under Biden: UAE minister


The U.S. will always play an important role in global energy markets, even though President-elect Joe Biden is likely to be less vocal than President Donald Trump about oil, the UAE’s energy minister told CNBC ahead of Inauguration Day.

“The United States of America is a major player now … with its production, with the fact that this industry that has been developed through shale oil and gas has created lots of jobs and created an economy by itself,” said Suhail al-Mazrouei.

That won’t change under a new U.S. president who is expected to focus more on renewable energy and less on oil, he said.

Whether President Biden and the new administration [will] be vocal on Twitter or not … the role of the United States will be always important.

Suhail al-Mazrouei

UAE energy minister

President Trump used to post on Twitter about crude oil and even communicated with OPEC leaders Saudi Arabia and Russia during the oil price war last year. Biden is likely to take a different approach, but al-Mazrouei said the U.S.’s leading role in energy markets is likely to remain.

“Whether President Biden and the new administration [will] be vocal on Twitter or not … the role of the United States will be always important,” he told CNBC’s Hadley Gamble on Tuesday as part of the virtual Atlantic Council Global Energy Forum.

Timeline for oil market recovery



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2021-01-20 03:41:18

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