CERAWeek Chair: Trump Presidency Seen as 'Very Favorable' for US Energy Industry

The US oil and gas industry perceives the administration of US President Donald Trump as very promising and eliminating unnecessary barriers for their operations, IHS Market Vice Chairman and CERAWeek Chairman Daniel Yergin told Sputnik on Sunday.

WASHINGTON (Sputnik) — Yergin noted that under Trump there will be more focus on building new infrastructure and pipelines without adding new regulations for oil and gas production.

"I think in general the oil and gas industry sees the new administration as being very favorable for their operations and fewer burdens than they would have otherwise have," Yergin said on the eve of the start of the annual forum.

The IHS Market vice chairman added, however, that energy market stakeholders are still cautious about making long-term commitments despite the improved overall mood in the industry.

"Another really big question is what about the investment in the bid projects for the future?" he remarked.

OPEC sealed a deal on November 30, 2016, agreeing to cut its oil output by 1.2 million barrels per day for the first six months of 2017 in an effort to stabilize the oil market and bring oil prices to the healthy range of $50-60 per barrel compared to less than $30 per barrel in January 2016.