The rise in new suppliers of oil and gas has reduced the ability of Iran to influence global oil markets, U.S. Energy Secretary Rick Perry said on Monday. The price of crude jumped on Monday following Iran’s seizure on Friday of a British-flagged oil tanker in the Strait of Hormuz, but had pared initial, steep gains by 1507 GMT.
“I am concerned about it,” Perry told a news conference in Jerusalem, referring to the price rise that followed the ship’s capture. “But we find ourselves in a completely different situation than we were a decade ago.”
“New suppliers should help keep a steady supply of fuel – whether it’s crude, natural gas or other secondary products. I think you will see less displacement of the market when there is an event like we see happening,” he said.
“The Iranians will have a more difficult time in influencing the market than they would have 10 years ago.”
Latest posts by ET Energy World (see all)
- Crude oil prices rise more than 1 per cent as recession fears recede - August 17, 2019
- Patna: Red-hit areas now have greenery & solar dual pumps - August 17, 2019
- Tamil Nadu: Stay on land acquisition for Indian Oil gas pipeline vacated - August 17, 2019