Hormuz Oil Flows Improve as Venezuela Investment Grows, but Gas Relief Lags
Energy Secretary Chris Wright said 17 million barrels passed through the strait Monday, while Chevron plans more than $7 billion in Venezuelan investment.
- On Wednesday, President Donald Trump claimed the United States controls the Strait of Hormuz, asserting: "We have controlled and we are controlling the Hormuz Strait. We are bringing lots of boats out every day with millions of barrels of oil."
- Energy Secretary Chris Wright visited Venezuela Wednesday, meeting President Delcy Rodriguez as Chevron announced plans to invest more than $7 billion over five years to roughly double production to about 600,000 barrels per day.
- Wright reported 17 million barrels of oil passed through the strait Monday, the highest volume since the war began. Separately Wednesday, Trump proposed renaming the waterway the "Trump Strait," with the White House later posting a map using the proposed name.
- Despite these supply efforts, GasBuddy petroleum analyst Patrick De Haan reported national diesel prices reached about $5.71 per gallon Wednesday, roughly 11 cents below the record. De Haan warned, "Virtually everything in this economy moves with diesel."
- De Haan cautioned that geopolitical tensions have lingered for six months with "very little concrete sign of any resolution," and Venezuelan production increases will take several years to noticeably impact prices. "But it will take a significant amount of time," De Haan said.
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Investment banks nuance the White House’s enthusiasm for the oil deal with Venezuela. UBS warns that oil production will take years to recover and will have a limited impact on prices in the short term. The closure of Ormuz and the doubts that still persist about the pact reached keep the market waiting for much more immediate factors, warn analysts of the Swiss bank. Continue reading
Hormuz oil flows improve as Venezuela investment grows, but gas relief lags
Increased oil flows through the Strait of Hormuz and billions of dollars in new investment in Venezuela are giving the Trump administration new reasons for optimism, but experts say neither is likely to bring significant relief at the pump anytime soon.
Behind the raging war that is still raging, the flow of crude oil shipments through the Strait of Hormuz set a new record high. Behind the raging war that is still...
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