The White House stated that it is working closely with relevant agencies about the oil market situation. White House spokeswoman Taylor Rogers said President Trump and his energy team have a plan to keep energy markets stable. She noted that oil prices might change temporarily because of the ongoing conflict in Iran, but they will decrease once the situation improves.
A U.S. official mentioned that Trump is considering different options to lower prices. These options include stopping U.S. oil exports and changing rules related to shipping. The head of the International Energy Agency, Fatih Birol, said energy markets are getting worse. He pointed out that many countries are producing less oil, which causes risks in the market.
European Union Economy Commissioner Valdis Dombrovskis said that EU ministers have not agreed on oil stockpile releases yet, but they are evaluating the situation. Countries like Kuwait, the United Arab Emirates, and Saudi Arabia have already cut oil production.
Analysts warn that if production cuts continue, countries might struggle to return to normal supply levels quickly. The UAE may face production cuts soon, which could impact the global oil supply.
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Vocabulary List:
6 words · tap to reveal
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AccentSpeed
Stockpile/ˈstɑkˌpaɪl/noun
A large supply of goods (such as oil) kept for future use or emergencies.
Exports/ɪkˈspɔrts/noun
Goods or resources sent to another country for sale.
Shipping/ˈʃɪpɪŋ/noun
The business or act of moving goods by sea or other transport methods.
Production/prəˈdʌkʃən/noun
The process of making or extracting goods (e.g. oil); the amount made.
Analysts/ˈænəlɪsts/noun
People who study data or events to give explanations and predictions.
Supply/səˈplaɪ/noun
The amount of a product available for buyers or the market.
