Source: Fortune.com
Summary
US Energy Secretary Chris Wright stated that 7 million barrels of oil are exiting the Persian Gulf daily, crediting US military assistance, but Chevron CEO Mike Wirth disputed this claim, saying the actual volume is lower. The Strait of Hormuz chokepoint has been partially alleviated, with some vessels taking risks to transport oil. The US aims to maintain oil flows from the Gulf while blocking Iranian oil until a peace deal is reached.
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The numbers tell one story.
Chevron CEO Mike Wirth counters US Energy Secretary Chris Wright’s 7 million barrels per day estimate, saying it’s “probably not quite that much”. The US Strategic Petroleum Reserve is being drained to its lowest levels since 1983. Oil prices have remained lower than feared due to rising US crude exports and conservation efforts. The industry is finding ways to adapt, but larger price spikes are delayed, not avoided.
The announcement sounds familiar: companies downplaying disruptions while governments emphasize progress.
Author: Evan Null
