On Wednesday’s broadcast of Bloomberg’s “Balance of Power,” Energy Secretary Chris Wright said that while more oil is coming out of the Strait of Hormuz, “We need a change in regime or a change in the policy of the Iranian regime to ultimately return to normal.”
Wright said, “The data, as of this morning, we’re at the highest since the start of the conflict, just under 11 million barrels a day, seven-day average of oil and oil products going out of the strait on ship, on water, and then another 3-5 million barrels a day from the bypass pipelines. So, we continue to grow the oil and oil products coming out of the Gulf. The American Navy is doing a phenomenal job there. So, a lot of good progress there.”
He added, “It is still a conflict zone in the strait, there’s no doubt about that. The transits are happening because of the U.S. Navy. So, these are either national fleets from the Gulf nations, some of these are commercial fleets, but they’re on the aggressive side, for sure. We’re going to continue to ramp that up. We need a change in regime or a change in the policy of the Iranian regime to ultimately return to normal.”
Follow Ian Hanchett on Twitter @IanHanchett
Read the full article here