Saudi Arabia’s economic clout makes it key global player

Saudi Arabia’s economic clout makes it key global player

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The US presidential election always creates a buzz around the world, dominating global and social media platforms. The strong ties between Saudi Arabia and the US form the basis for peace in the Middle East — and global security.

Saudi Arabia enjoys a robust position in global affairs due to its political, religious, and economic weight. As a reliable partner to most countries of the world, the Kingdom has always played a crucial role in times of crisis.

The relationship between Riyadh and Washington is based on mutual trust. It is not affected by whoever sits in the Oval Office. Election campaigns are often designed for voters at home and do not necessarily reflect the true aspirations of the president-elect, especially where foreign affairs are concerned.

Saudi-US relations are among the most important pillars of the global system. Saudi Arabia will continue to be the US’ biggest ally in the Middle East; stronger cooperation between the two countries is imperative to achieve regional and global stability.

Due to Saudi Arabia’s religious and economic clout, it enjoys a unique global and regional position. The oil-rich Kingdom also plays a key role in stabilizing global energy markets.

In times of global political and economic crises, Saudi Arabia has always adopted wise and responsible policies to help its allies — and the world — emerge from these difficulties with ease.

The US energy industry is currently booming, and any change in this strategy is unlikely, whether the president is a Republican or a Democrat.

The US is working seriously to reduce its dependence on foreign oil imports, which also explains the boom in the shale oil industry.

The shale industry’s growth also gives the US more leverage in dealing with several foreign issues, so it cannot be removed from the energy mix. Besides, a ban on fracking will result in a huge oil supply shortage, which will adversely affect oil prices that the current fragile global economy cannot handle.

• Faisal Faeq is an energy and oil marketing adviser. He was formerly with OPEC and Saudi Aramco. Twitter:@faisalfaeq

Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News' point-of-view