Global oil prices have not climbed enough to cause demand destruction, U.S. Energy Secretary Chris Wright said on Monday at the CERAWeek energy conference in Houston, Texas, even as markets continued to
Global oil prices have not climbed enough to cause demand destruction, U.S. 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 near $100 a barrel due to the U.S.-Israeli war on Iran.
The world is enduring 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 caused long-term damage. Oil prices have climbed to multi-year highs and fuel prices in the U.S. are surging, creating potential trouble for President Donald Trump's Republican Party ahead of the November midterm elections.
The Trump administration is taking steps to pacify markets, including releasing oil from the U.S. Strategic Petroleum Reserve in conjunction with other members of the International Energy Agency. Wright on Monday said the U.S. was going to release between a million and a million-and-a-half barrels per day of oil, eventually getting to 3 million bpd.
Abu Dhabi state oil giant ADNOC's CEO Sultan Al Jaber, speaking shortly after Wright, said the rise in oil prices was slowing global economic growth and added that no country should be
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