A glance at the attendee list at one of the world's largest energy industry...
HOUSTON - A glance at the attendee list at one of the world’s largest energy industry events in Houston this week left little question about the growing influence of the United States over global oil politics.
The Secretary of State delivered the half-hour speech to a packed room of energy executives, while dozens more watched via jumbo screens at the adjacent convention center. It turned out to be an empty threat, and a reflection of how OPEC had struggled to deal with the surge in U.S. energy production.Beyond his keynote at the Houston conference - the first ever for a sitting Secretary of State at the gathering known as CERAWeek - Pompeo circulated among executives in closed-door meetings, even, according to a source, hosting a group informally at Pappasito’s Cantina, a Mexican restaurant in the Hilton Americas Hotel where the conference took place.
The Trump administration has imposed hefty sanctions on Iran and Venezuela, both OPEC members, with growing confidence that there is enough oil from the U.S. and elsewhere to deal with any supply disruptions.Coming into office, President Donald Trump promised to deregulate the energy industry and assert U.S. oil independence - a sharp turn from an Obama administration that, while placing sanctions on Iran’s oil exports, largely built its energy policy around renewables and reducing emissions.
Saudi Arabia and Russia in September, for instance, informed the U.S. before speaking to OPEC allies when they reached an agreement to boost production ahead of the official restart of sanctions on Iran. [L8N1WJ5M6] “OPEC is a less important player because the United States is the number-one producer of oil, natural gas and refined products,” said Mike Sommers, president of U.S. industry group the American Petroleum Agency, at the conference.
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