Saudi oil minister praises Trump, says policies will benefit industry

Donald Trump's policies will be beneficial for the oil industry, and subsequently for Saudi Arabia, the country's oil minister has said.

In an interview with the BBC, Khalid al-Falih praised Trump and his Secretary of State Rex Tillerson, the former chief executive of US oil corporation ExxonMobil Corp.

Despite Trump's promise to make the US more independent in terms of its energy use, al-Fahih insisted that both countries "want the same thing" with regard to the oil industry.

"President Trump has policies which are good for the oil industries...he has steered away from excessive anti-fossil fuel, unrealistic policies," the Saudi oil minister said.

"He wants a mixed energy portfolio that includes oil, gas, renewables and to make sure that the American economy is competitive. We want the same in Saudi Arabia."

Al-Khalif spoke even more highly of Rex Tillerson, who is widely expected to be confirmed for the top diplomatic position in Trump's asdministration. The men are well-known to each other through deals involving ExxoMobil and Saudi entities.

"Rex Tillerson is one of the highest qualified executives I have ever dealt with," he said. "He's a statesman by nature, and I've watched him with admiration as he led ExxonMobil to become the most respected oil and gas company in the world."

"I'm sure he'll take his experience, his wisdom to his new position as Secretary of State."

Oil prices have plummeted in recent months, hitting a low of $29 per barrel in January 2016, before regaining ground to stand at their current price of $52.92 per barrel for crude.