Washington. Global tension is increasing due to the war between America and Iran. The oil and gas crisis is deepening in the world. Now the oil industry is also accepting this and the CEOs of all the big oil companies have warned US President Donald Trump about the oil crisis and rising crude prices. US oil executives have warned that the energy crisis caused by the Iran war is likely to get worse.
According to media reports, in several meetings held at the White House and recent conversations with Energy Secretary Chris Wright and Interior Secretary Doug Burgum, American oil companies expressed concern over the energy crisis. The CEOs of Exxon Mobil, Chevron and ConocoPhillips warned that disruptions in oil-gas supplies through the Strait of Hormuz sea route will continue to create volatility in the global energy market. The oil industry alerted the Trump Administration that the fuel shortage may increase further. A big meeting regarding this was also held last Wednesday. Exxon’s CEO said that if speculators suddenly raise crude prices amid the crisis created by the current war, oil prices could even exceed the current high level. Along with this, a huge reduction in the supply of refined products can be seen in the market.
The CEO of Chevron and the CEO of ConocoPhillips have also expressed concerns about supply disruptions. ConocoPhillips told officials that the oil market could continue to be volatile due to fighting around the Strait of Hormuz and disruptions to the movement of oil tankers. According to the report, Exxon’s CEO warned that if traders bid in the market amid reduced supply, then in such a situation the crude oil price may increase further. It said the Trump administration is considering several ways to reduce prices, including relaxing the ban on Russian oil, releasing emergency crude oil reserves and increasing oil flows from Venezuela.
According to the report, oil industry officials, while warning that the crisis may escalate, clearly told the Trump administration that reopening the Strait of Hormuz could be the only permanent solution to stabilize the global energy market. Let us tell you that the price of crude continues to rise and it continues to remain above 100 dollars. On Monday, the price of branded crude oil in the international market was trading at $ 105 per barrel, while WTI crude was trading at $ 100 per barrel.