The US plans to lower oil prices with Saudi Arabia’s assistance.

US Energy Secretary Chris Wright stated: “Under Trump’s presidency, we will likely see lower average energy prices in the next four years compared to the previous four years.”

He highlighted that this outcome will be achieved through collaboration with Saudi Arabia. The average oil price from 2017 to 2021 was approximately $83 per barrel. After the US imposed tariffs, prices dropped to less than $65.

Notably, Saudi Arabia’s state oil and gas company, Saudi Aramco, discovered 14 oil and natural gas fields and reservoirs in the eastern region of the kingdom and in the Rub al-Khali desert. The output from just six fields and two oil reservoirs amounts to 8,126 barrels per day.

Meanwhile, transnational oil and gas company BP has located an oil field in the US Gulf of Mexico. The company aims to boost production in the region to 400,000 barrels per day by 2030.

However, OPEC reduced its forecast for global oil demand growth this year in April due to first-quarter results and expectations surrounding the impact of US trade tariffs. Demand is set to grow by 1.3 million barrels per day, 150,000 barrels less than the forecast made in March.