Saudi Arabia may increase its oil investments in the United States due to a more fossil fuel-oriented energy policy by the U.S. administration of President Donald Trump, the kingdom's energy minister told the BBC in an interview.

"President Trump has policies which are good for the oil industry and I think we have to acknowledge it," Minister of Energy, Industry and Mineral Resources Khalid al-Falih told the BBC.

Asked whether there is a worry about Trump's promise to pursue energy independence, Falih said: "We have no problem with the growth of American indigenous oil supply. I have said it repeatedly as long as they grow in line with global energy demand, we welcome them," Falih said.

"We had billions of dollars invested in refining and distribution in the United States and we may be increasing that investment on the back of pro-industry, pro-oil and gas policies of the Trump administration in the U.S."