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Energy Secretary Chris Wright said on Thursday that the oil market is lowered by the president Donald TrumpIn the US, the United States has more raw and gas.
“We have seen a market that reduces the fact that it will clearly be easier to produce oil and gas in the US,” said Wright CNBC “Box for Squawk.
The US oil futures have fallen by almost 14% since Trump took over on January 20. Trump has made the energy of the central part of its agenda with a focus on increasing oil and gas production. The administration has promised to increase rent on federal lands and water and speed up the permit process.
Trump tariffs and OPEC policies weigh in the oil market in recent weeks, as some are afraid that fees can increase prices and slow economic growth. Western Texas intermediate on March 5 reached a minimum of $ 65.22, the lowest since spring 2022, after Trump introduced 25% tariffs on Canada and Mexico. After that president Released goods corresponding to the trade pact regulating North America by April 2.
Chevron CEO Mike Virt Conocophillips Last week, CEO Ryan Lance said at the Energy Conference in Houston, which they expected American oil production on the plateau In the coming years after the introduction of new records as part of the Biden administration. Virta said Chevron is more focused on capital discipline than production growth.
“Pursuit of growth for the sake of growth was not particularly successful for our industry,” Virta said at The Ceraweek at the S&P Global Conference. “At some point you have grown enough that you should start moving to the plateau and you have to create a more free cash flow, not just more barrels.”
OPEC+ also plans to start an increase in production in April, gradually returning 2.2 million barrels a day to the market that faces excessive task.
Trump, Wright and Minister of Internal Affairs Doug Burgum met with the heads of oil and gas Wednesday in the White House. Wright said the first message of the administration was that they intended to cooperate closely with this industry. They no longer have a “scarlet letter on the forehead”, – said Wright.
US In the last days dating back to the last days when Trump has launched Airborns on Current In Yemen and promised to bring Iran responsibility for any future attacks of militants. The intermediate Western Texas traded $ 67.11 per barrel on Thursday morning.
Iran is a member of OPEC, and any escalation of tensions with the country causes fears to disruption to supplies. Trump seeks to export Iran’s oil to zero, trying to push the Islamic Republic to negotiate the nuclear transaction.
