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Commodities

US Energy Secretary: Oil Prices Not Yet High Enough to Cause Demand Destruction

Guavy AI Editorial Team
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US Energy Secretary Chris Wright stated that oil prices have not risen enough to cause demand destruction at the CERAWeek energy conference in Houston, Texas. Global oil prices are over $100 a barrel due to the US-Israel war on Iran.

The Trump administration is releasing oil from the Strategic Petroleum Reserve to calm markets. This includes releasing between 1 million and 1.5 million barrels per day of oil, eventually reaching 3 million bpd.

Wright emphasized that Asia has been severely impacted by market shocks, and supplying refineries there is a priority for the US. Venezuela's crude output has increased to 200,000 bpd following the US takeover of the country's oil exports.

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