Speaking at the Reuters Global Energy Forum, Wright said about 20 million barrels of crude oil passed through the strategic waterway in the last 24 hours, representing roughly 20% of global oil consumption.
Oil shipments through the Strait of Hormuz have returned to near-normal levels following the recent conflict involving Iran, according to U.S. Energy Secretary .
Speaking at the Reuters Global Energy Forum, Wright said about 20 million barrels of crude oil passed through the strategic waterway in the last 24 hours, representing roughly 20% of global oil consumption.
Around 72 ships used the route during that period.
Although some tankers continue to travel with military escorts and avoid certain areas due to concerns about naval mines, Wright said oil exports are moving steadily.
He also stated that Iran no longer has the ability to shut down the Strait of Hormuz, a key route for global energy supplies.
The easing of supply concerns helped push oil prices lower, with benchmark crude prices falling more than $3 on Wednesday.
Wright also noted that Venezuela’s oil exports are increasing and could reach 2 million barrels per day by the end of President ’s current term in 2029.
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