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U.S. Energy Secretary: Oil-producing Countries are Unwilling to Provide Sufficient Crude Oil
U.S. Energy Secretary Boardman said on the 13th that the unwillingness of oil-producing countries to provide sufficient crude oil has stimulated rising energy prices. He also said he had not seen any signs of slowing demand.According to foreign reports on November 13, U.S. Energy Secretary Samuel Bodman said on the 13th that the unwillingness of oil-producing countries to provide sufficient crude oil for the global market has stimulated the rise in energy prices.
Boardman said global oil inventories are currently below the five-year average. This is completely different from the remarks made by Saudi Arabian Oil Minister Ali Naimi earlier on the 13th. Naimi told reporters in Riyadh that current oil inventory levels in Organization for Economic Cooperation and Development (OECD) member countries are within the five-year average.
Boardman said below-average oil reserves have spurred higher crude oil prices, which hit a high of more than $98 a barrel last week.
Boardman told reporters on the sidelines of the World Energy Congress in Rome that he does believe oil producers lack the will to provide adequate crude supplies to the market, which he believes is one of the reasons for the current state of energy prices. .
OPEC members are worried that high oil prices will slow down demand for crude oil in the United States, leading to a fall in oil prices. Algerian Oil Minister Chakib Khelil said earlier on the 13th that there were signs of slowing in demand for US crude oil. But Boardman said he hasn't seen any signs of demand slowing.
Boardman said that so far, the U.S. economy has shown "extremely strong" resilience to crude oil prices near $80 a barrel, and he added that there are now questions about whether crude oil prices approaching $100 a barrel will have any impact on the U.S. economy. It is too early to draw conclusions about the more harmful effects.
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