The US can reduce its trade deficits around the world by exporting more oil and gas, according to the president and chief executive of a major US-based natural gas producer.
“The Trump administration has been doing a lot of work on tariffs trade deals and we think energy is going to be one of the most impactful tools we have to help balance these trade deficits,” EQT Corporation chief Toby Rice told The National at Adipec in Abu Dhabi.
“We are the largest exporter of natural gas in the world. We should be using that to balance trade deficits. We are the largest producer of oil in the world. We should be using that influence to bring some balance.”
The US has become a major producer of oil and gas as a result of shale boom, which began in the early 2000s. It produced a record 13.2 million barrels of crude per day last year, according to the data from Energy Information Administration (EIA).
In 2024, the US produced a record amount of energy, with total production crossing 103 quadrillion British thermal units, a one per cent increase from the previous record set a year earlier, the data shows. Natural gas accounted for 38 per cent of total energy production last year, while crude oil's share was 27 per cent.
US President Donald Trump announced sweeping tariffs on countries around the world in April, with a minimum of 10 per cent levy on all imports. Mr Trump said the move was made to compensate for trade deficits the US has with other countries. Since then it has been negotiating trade deals.
EQT, which is listed on the New York Stock Exchange, is active in Appalachian basin, a gas rich region, that extends from New York to Alabama in the south. The company, with a gross production of about 8 billion cubic feet per day, produces about 6.5 billion cubic feet of gas per day (net), which is equivalent to one million barrels of oil, with 100 per cent of that going to the domestic market.
It plans to raise production over the next five years and start exporting to international markets, according to Mr Rice. He said the focus will be on exporting to Asia from 2030 as demand for low carbon fuel picks up amid green transition efforts and the AI-spurred boom.
“We’ll have about 10 per cent of our volumes supplied to international markets,” Mr Rice said. “At EQT, we sit on a leasehold position of over almost 2 million acres, over 4,000 drilling locations that we can use to grow our production volumes to sustainably meet this demand that's taking place.”
Global demand for liquefied natural gas (LNG) is forecast to rise by around 60 per cent by 2040, largely driven by economic growth in Asia; emissions reductions in heavy industry and transport; and the impact of artificial intelligence, according to a report by Shell in February.
More than 170 million tonnes of new LNG supply are set to be available by 2030, helping to meet stronger gas demand, especially in Asia, it added.
Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc's managing director and group chief executive, highlighted growing demand for energy and the requirement of massive investment of $4 trillion.
“We need massive capital investment. We are talking about more than $4 trillion annually to cover grids, data centres and all sources of energy supply,” Dr Al Jaber said in his opening address at Adipec.
Echoing Dr Al Jaber's comments, Mr Rice said the future for natural gas “has never been more exciting”.
He added: “The world needs to know that we have a tremendous amount of this resource. We can meet their energy needs and keep it cost effective and reliable. And when this energy is used to replace the alternative, which is coal, it's going to be a much cleaner alternative and help lower global emissions.”
Mr Rice believes Mr Trump’s policies, like freeing federal land for exploration, will help oil and gas industry in the long run.
He believes political will is needed to support oil and gas production and meet rising demand. “The market is screaming for more reliable clean energy,” Mr Rice added. “The market is screaming for more natural gas. It's going to require infrastructure. It's going to require their support to help create a regulatory environment that allows us to let the market forces meet demand.”
RESULT
Everton 2 Huddersfield Town 0
Everton: Sigurdsson (47'), Calvert-Lewin (73')
Man of the Match: Dominic Calvert-Lewin (Everton)
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Global state-owned investor ranking by size
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
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What vitamins do we know are beneficial for living in the UAE
Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
UAE currency: the story behind the money in your pockets
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Best Foreign Language Film nominees
Capernaum (Lebanon)
Cold War (Poland)
Never Look Away (Germany)
Roma (Mexico)
Shoplifters (Japan)
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
4/5 stars
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
