Oil prices will continue to rise — Reuters
U.S. Energy Secretary Chris Wright said that the global oil market will reach its peak price within the next few weeks.
This was reported by Reuters.
The stabilization of energy prices directly depends on the resumption of full-scale shipping through the strategically important Strait of Hormuz.
Speaking at the Semafor economic forum in Washington, the head of the Energy Department noted that prices will remain high for now.
A positive trend is possible only when significant volumes of cargo ships and tankers begin passing through the waterway.
“We will see oil prices peak around that time. This will happen sometime in the next few weeks,” Chris Wright predicted during a discussion of the current situation on global markets.
Alongside tensions in the Middle East, the U.S. is noting positive changes in oil production in Venezuela.
Following Nicolás Maduro’s takeover and the reform of energy legislation, production in the country has risen by 25%, and oil sales since early January have reached 150 million barrels.
U.S. President Donald Trump also offered his assessment of the situation, acknowledging the complexity of the economic consequences of the military conflict.
The head of state suggested that high gasoline and oil prices could persist until the November midterm elections.
In March, global oil refining volumes fell by 5 million barrels per day to 77.1 million bpd.
OPEC oil exports plummeted to a record low in March, according to Reuters.
As a reminder, oil prices remain above $100 following the resumption of Iraqi supplies.
Additionally, the price of oil could rise to $200 per barrel due to a war between the U.S. and Iran.
