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Washington, March 11 (QNA) – US Interior Secretary Doug Burgum said that American oil companies will soon announce an increase in production amid rising prices due to the ongoing conflict in the Middle East.
“I believe you will see them all announce an increase in production here in the United States in response to price signals and to meet the current needs we have at this time”, Burgum added in an interview with the US channel CNBC.
On Tuesday, the United States raised its domestic oil production forecast for 2027 following the recent spike in prices caused by supply disruptions from key countries in the Middle East.
Maritime traffic through the Strait of Hormuz, a vital passage for global trade, has been disrupted, since the United States and Israel launched strikes on Iran on Feb. 28. Almost one-quarter of global oil supplies and one-fifth of liquefied natural gas supplies pass through this strategic strait. (QNA)
