US oil companies urge the resumption of shipping in the strait to stabilize oil prices, but the US government responded negatively.
Senior executives of several multinational oil companies in the United States recently expressed to US government officials during meetings that the ongoing blockage of the Strait of Hormuz may lead to further increases in international oil prices, causing volatility in the global energy market and putting pressure on the global economy. US government officials said, "There is currently nothing we can do."
According to the Wall Street Journal on the 15th, the US government held a series of meetings before, Energy Secretary Wright, Interior Secretary Bergman, and several oil company executives discussed the impact of the current situation on the economy. These executives believed that the energy market was affected by the tense situation, and considering that US oil production will not increase significantly in the short term, the only way to resolve market turbulence is to promote the resumption of navigation in the Strait of Hormuz.
Exxon Mobil CEO Darren Woods warned during the meeting that market fluctuations could lead to further increases in oil prices and shortages in refined oil products. In addition, executives from Chevron and ConocoPhillips also expressed concerns about current supply interruptions during the meeting.
The report quoted an unnamed senior government official as saying that the US government is aware that oil prices will continue to rise, but "there is currently nothing we can do." Chevron CEO Mike Wirth previously stated that the market is currently "filled with volatility and uncertainty, making it difficult to predict."
Crude oil transported through the Strait of Hormuz accounts for about one-fifth of the total global oil transportation volume. As one of the top three exporting countries of liquefied natural gas in the world, Qatar ships almost all of its liquefied natural gas through the Strait of Hormuz, accounting for about 20% of the global supply.
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