Oil prices have not climbed enough to cause demand destruction, US energy secretary says
HOUSTON - Global oil prices have not climbed enough to cause demand destruction, US Energy Secretary Chris Wright said on Monday at the CERAWeek energy conference in Houston, Texas, even as markets continued to gyrate and global oil prices remained over $100 a barrel due to the US-Israel war on Iran.
Wright's remarks come amid one of the worst energy crises in decades following the closure of a key shipping channel and attacks on energy infrastructure in the Middle East that have sustained long-term damage. Oil prices have climbed to multi-year highs and fuel prices in the US are surging, creating potential trouble for President Donald Trump's Republican party ahead of the mid-term elections.
The Trump administration is taking steps to pacify markets, including releasing oil from the US Strategic Petroleum Reserve in conjunction with other members of the International Energy Agency. Wright on Monday said the US was going to release between a million and a million-and-a-half barrels per day of oil, eventually getting to three-million bpd.
Wright said Asia has been most intensely affected by the market shocks and supplying refineries there was a priority for the Trump administration.
“We want to get oil into Asian refineries and have as little refining downturn as possible,” he said.
Wright said Venezuela is "meaningfully better" than it was months ago, following the capture of President Nicolas Maduro and the US takeover of the OPEC country's oil exports, with some 200 000 bpd of crude output restored so far.
Following a trip to Caracas last month when he met interim President Delcy Rodriguez and visited oilfields, Wright said there will be an election in Venezuela "eventually," without providing further details.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Occupational health services, mobile clinics, wellness campaigns, aviation.
VISIT SHOWROOM
Established on 1 March, 2000, by Barries Barnard, Advanced Fire Suppression Technologies (AFST) and the Advanced Group stands as Sub-Saharan...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
