Market Overview

What Does Saudi Arabia Think Of The Presidential Candidates?

What Does Saudi Arabia Think Of The Presidential Candidates?

CNBC’s David Reid interviewed Bob McNally, president of consulting firm Rapidan Group, on the impact of the U.S. presidential race on the Gulf States.

“It’s no secret that the Saudis and other Gulf Sunni powers are rooting for Mrs. Clinton” the consultant said.

This is largely due to uncertainty on Donald Trump’s changing policies.

“(There is) a lot of concern and anxiety about what Donald Trump would mean” McNally said.

Additionally, this could be due to Trump’s suggestion to avoid purchasing oil from the kingdom if it does not help fight ISIS.

Many experts believe Trump will not tolerate OPEC manipulating oil prices, an organization the gulf states are very much a part of.

“Trump’s plan involves complete independence from overseas oil imports, less regulation and more drilling” in addition to approving Keystone XL stated Reid.

What could this mean for oil prices if the billionaire gets elected? In order to become non-energy reliant, a nation would have to encourage more drilling and thus create more streams of production, which could lower world oil prices.

Posted-In: News Commodities Politics Global Markets General Best of Benzinga


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