U.S. energy secretary says oil market robust after attack on Saudi plants

FILE PHOTO U.S. Secretary of Energy Rick Perry speaks during a news conference in Jerusalem July 22 2019. REUTERSRonen Zvulun
FILE PHOTO: U.S. Secretary of Energy Rick Perry speaks during a news conference in Jerusalem July 22, 2019. REUTERS/Ronen Zvulun
VIENNA (Reuters) - The oil market is resilient and will react positively to the attack on Saudi Arabia's oil industry, U.S. Energy Secretary Rick Perry said on Monday, blaming the attack firmly on Iran.
An attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was "locked and loaded" to retaliate.
"Despite Iran's malign efforts we are very confident that the market is resilient and will respond positively," Perry said in a speech to the International Atomic Energy Agency's General Conference, an annual meeting of its member states.
He repeated his government's position that it is prepared to tap its Strategic Petroleum Reserve, which holds about a month's worth of U.S. oil consumption, but he did say how likely it was to do so.
"President (Donald) Trump has authorised the release of oil from the Strategic Petroleum Reserve if that is needed. And my department stands ready to respond," he said.
"The United States wholeheartedly condemns Iran's attack on Saudi Arabia and we call on other nations to do the same. This behaviour is unacceptable. It's unacceptable and they must be held responsible. Make no mistake about it. This was an attack on the global economy and the global energy market."
(Reporting by Francois Murphy; Editing by Kevin Liffey and Peter Graff)
Link : https://www.thestar.com.my/news/world/2019/09/16/us-energy-secretary-perry-says-oil-market-is-robust-after-saudi-attack

Comments

Post a Comment

Popular posts from this blog

Gold Bars Fight Covid Kits for Space on the Plane

Image
Before the health crisis, gold typically traveled around the world on commercial flights. Swiss refiner Valcambi SA tried for five straight days last month to move a shipment of gold out of Hong Kong. Twice the metal was packed carefully onto a plane, only to be offloaded again. After daily attempts and numerous arguments, the gold suddenly arrived in Switzerland without warning, said Chief Executive Officer Michael Mesaric. “We had not even asked for a slot.” The coronavirus crisis has shone a light on a corner of precious metals markets that usually draws little attention: the logistics of transporting gold, silver and other metals across the world. The business is dominated by companies including Brink’s Co., G4S Plc, Loomis AB and Malca-Amit, which link miners and refiners with gold trading and consumption hubs around the world. In normal times, gold bars worth millions of dollars travel the world in the cargo holds of commercial planes, just a few meters from
Read more

US on track to unseat Saudi Arabia as #2 oil producer in the world

Image
© Jim Urquhart / Reuters New forecasts from the International Energy Agency say the United States is on track to overtake Saudi Arabia as the second-largest oil producer in the world, just behind Russia, according to the organization’s report on Friday. "This year promises to be a record-setting one for the US,"  the IEA wrote in its monthly market report.  "Relentless growth should see the US hit historic highs above 10 million barrels per day, overtaking Saudi Arabia and rivaling Russia during the course of 2018 – provided OPEC/non-OPEC restraints remain in place.” OPEC players have been wary of the strength of the American shale market as the nation’s products reach new countries every month. "US growth in 2017 beat all expectations ... as the shale industry bounced back, profiting from cost cuts, (and) stepped up drilling activity,"  the IEA added.  "Explosive growth in the US and substantial gains in Canada and Brazil will far outweigh pot
Read more

Can Anything Stop The Shale Surge?

Image
By  Tom Kool  - Jan 19, 2018, 2:00 PM CST Higher oil prices may lead to huge growth in U.S. shale production, according to revised predictions from both OPEC and the IEA. Friday, January 19, 2018 Oil prices fell back a bit at the end of this week. EIA data shows a rise in U.S. production, but also another strong decline in inventories. Brent is struggling to hold above $70, and benchmark prices await some direction. IEA: Explosive growth in U.S. shale will test oil prices.  The IEA’s latest Oil Market Report paints a mixed picture for prices. Clearly, the market is tightening, the IEA says, but it also says that shale growth will be “explosive” this year. The agency revised up its forecasts growth for U.S production from 870,000 bpd to 1.1 mb/d in 2018. That, combined with gains from other non-OPEC countries, could end the price rally, although the IEA says a lot of uncertainty remains.  Venezuelan oil production plunges by over 200,000 bpd . Venezuela’s Decemb
Read more