Exclusive outtakes from industry leaders
OPEC’s special relationship with the U.S.
The United States may fondly dream of independence from imported oil, but it would do well to remember that the traffic is not one way.
OPEC Secretary General Abdullah al-Badri told the Reuters Global Energy Summit he had been hearing for years that the world’s biggest oil consumer was seeking ways to avoid importing OPEC oil, but he was confident it would carry on burning fossil fuel for years to come.
“I am of an age when I can tell you I have been hearing this for the last 40 years,” Badri said. “We will see another president, with two terms, before we see any change.”
He also warned the U.S. it should be careful what it wished for.
“We would like to tell them they buy most of the resources of our member countries. We are sending them back more than 50 percent of that income to OECD countries, and the U.S. is one of them, to buy medicine, equipment, aeroplanes, spare parts, clothes.”
“Don’t forget the medicine,” he added.