US Energy Secretary Wright says roughly 72 ships have exited Strait of Hormuz in last 24 hours, amounting to 20 mln barrels of oil; Return to normal oil flows delayed due to Iranian mines in the Strait of Hormuz
- Iran will not have the ability to block Strait of Hormuz going forward.
- Even without an Iran deal, the US will ensure flows of oil through the Strait.
- Return to normalcy in Hormuz will take a few weeks.
- Expects to be able to raise Venezuela oil exports to 2mln BPD during this administration.
- SPR could reach 500mln barrels with creative refill.
- EU rules will make it nearly impossible to import US LNG.
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