cause of worry. joe biden came to saudi arabia, it was an unsuccessful trip but the crown prince of saudi arabia is clear they are not going to rely on they are not going to rely on the united states both as economic ties go and even geopolitics. they want to look east and they think china could be an important ally going ahead and that is why this trip is very important for both countries. is very important for both countries. ., ~ ., ., well, let s stay on the subject of those benefitting from the booming oil industry. exxon mobil has announced its lifting pay for its employees by around 10% that s above the us inflation rate. this comes after the texas based oil giant reported consecutive record breaking quarterly profits this year. chief executive darren woods and other senior executives would also be getting double digit pay increases. joining me now is richard black, senior associate at the energy and climate intelligence unit.
longer view than most in testers. whereas most investors might think on a 5 10 year basis, letting on a 30 100 year basis. companies who do not have net zero policies in place, that are not moving towards lowering the covenant emissions are a bad investment as well as being bad for the future of human life on the planet as well so a very interesting move and looking to see in the coming months whether other investors follow suit on this. suit on this. while you are there, suit on this. while you are there. the suit on this. while you are there, the us suit on this. while you are there, the us - suit on this. while you are there, the us - uk- suit on this. while you are there, the us - uk deal. there, the us uk deal brokered this week, liquefied natural gas from the us. they say they re going to have this newjoint action group to look at energy, to look at the cost of living and how to manage that, interesting they should announce that this week, the week exxonmobil says all o
richard, it is interesting this news should come today when in the uk, certainly, our headlines are dominated by workers taking strike action because they are desperately looking for anything close to a pay rise that is near to our inflation rate. it looks like the oil sector is the place to be? it the oil sector is the place to be? . . , the oil sector is the place to be? . ., , ., , ., the oil sector is the place to be? it certainly does. exxon is -a in: be? it certainly does. exxon is paying 10% be? it certainly does. exxon is paying 10% pay be? it certainly does. exxon is paying 10% pay rises be? it certainly does. exxon is paying 10% pay rises after- be? it certainly does. exxon is paying 1096 pay rises after a i paying 10% pay rises after a couple of years since workers are dead which reflects the circumstances oil companies found themselves in during lockdown. so if you re employed by exxon it is catching up so it is great. but oil and gas companies have been massive winne