Saudis believe Trump will unleash America's economy

CNN Money ^ | November 28, 2016 | Matt Egan

[2ndDivisionVet]

Count Saudi Arabia among the believers in Donald Trump's ability to make America grow again.

Saudi Arabia is downplaying the need for OPEC to make good on its promise to cut oil production at Wednesday's meeting in Vienna. That promise was originally made in September, back when President-elect Trump was still a long shot to win the White House.

But Khalid al-Falih, the Saudi energy minister, on Sunday said there will be more thirst for oil in 2017 and oil prices will stabilize without OPEC intervention.

OPEC doesn't need to cut output, Falih said, because "we can also depend on recovery in consumption, especially from the U.S.," according to Bloomberg.

While Falih didn't name Trump specifically, his comments suggest Saudi Arabia has faith in the new administration's ability to unleash U.S. economic growth -- and thus demand for oil. Trump has called for stimulating the American economy by slashing taxes and ramping up infrastructure spending on roads, bridges and airports....

[Newbomb Turk]

Good news for Americans is that it will stabilize at about 48 dollars a barrel. Far lower than the 200 dollar per barrel prediction of less than 5 years ago.