Dan Brouillette, the Deputy Energy Secretary has said the U.S. is moving forward to achieve energy dominance. More than 13 million barrels can be expected from the U.S., he says.
The slowdown in global growth has brought down prices of crude as the demand for crude oil is going down. Further, the trade war between the U.S. and China is helping in the slowdown of the global economy.
The OPEC countries are trying hard to maintain oil prices by decreasing crude output. However, prices are still moving downwards. Almost all OPEC + countries have brought down production, including Russia.
However, the U.S. continues to step-up production of crude. This, in turn, hampers any uplift in crude prices. The U.S. now produces 12.3 million bpd which makes it the world’s largest in crude production. Oil from the U.S. is now flooding the market, bringing down prices.
In Saudi Arabia, Prince Abdulaziz bin Salman is now appointed as the new energy minister. This has strengthened the oil market sentiment pushing up crude prices on Monday.
Prince Abdulaziz is the son of Saudi King Salman. He is also a member of the Organization of the Petroleum Exporting Countries. He has been one of the crucial members who had negotiated the OPEC + countries to agree on supply cuts of crude oil. This has helped to balance the delicate crude market.
On Monday, crude prices were supported by increasing demand from China. Shipments to China have increased by 3 percent in August from the previous month.
Further, drilling companies in the U.S. have cut down operation on their oil rigs for the third consecutive week.
The UE Energy Minister Suhail al-Mazrouei has made a statement saying that all OPEC member countries and non-OPEC countries were “committed to maintaining oil market balance”.
Prices have been on the rise for the fourth continuous day, with comments from the minister.