US Energy Secretary Wright says US energy prices will likely rise in the next few weeks and remain until meaningful ship traffic through the Strait of Hormuz resumes
Importance
Level 1
Says:
- Venezuelan oil production has surpassed 1.2mln bpd, representing a 25% increase over three months.
- 150mln barrels of Venezuelan oil sold since January 3rd.
- There is an announcement coming soon about a large American company with a history in Venezuela ramping up production.
- By this summer is an aggressive timeframe now for oil and gas prices to start coming down.