U.S. seeks to refocus energy relationship with Saudi Arabia

After a period of tension between Washington and Riyadh over high oil prices, the U.S. is trying to refocus its energy relationship with top Middle East OPEC countries, notably Saudi Arabia.

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Amos Hochstein, a top American energy diplomat, held meetings with officials in the Middle East, including Saudi Energy Minister Prince Abdulaziz bin Salman on Tuesday.

The areas where the U.S. and Saudi Arabia can partner to invest in the energy transition and work together to build a 21st century clean energy architecture are discussed, Hochstein said.

The meeting came after a difficult period in relations between the two countries that saw U.S. President Joe Biden release millions of barrels from his country's Strategic Petroleum Reserve to push oil prices down. Washington opened its taps after the OPEC alliance led by Saudi Arabia and Russia refused to increase its oil production quickly.

OPEC is scheduled to discuss its production policy for January this week, with meetings on Wednesday and Thursday. The impact of the reserve release and the emergence of a new coronavirus variant have resulted in a plunge in prices more than $15 a barrel from their peak in October.

The U.S. expressed its support for the Organization of Petroleum Exporting Countries decision making and the two sides agreed to consult on market dynamics at the meeting between American and Saudi officials, according to people familiar with the discussions.

OPEC is considering whether or not to push ahead with a planned monthly output hike of 400,000 barrels a day, or take a pause to assess the market after the release and the new virus variant. The group should keep on opening the taps to safeguard the global economic recovery, said Fatih Birol, International Energy Agency Executive Director at a briefing in Paris.

The world is just recovering from the economic downturn and the growth is fragile. Inflation pressures could be added to the high energy prices, which could be a major obstacle to a better economy, according to Birol. He said that OPEC continued to increase production at this week's meeting.

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