WASHINGTON: The United States of America (USA) Treasury Secretary Scott Besant has predicted a major drop in oil prices.
In an interview with Fox News, Scott Besant said that oil prices should be very low after the war. The futures market is indicating a drop in oil prices.
He said that Iran does not earn much revenue from the Strait of Hormuz in the form of tolls. More ships will pass through the Strait of Hormuz in the coming days.
On the other hand, seven member countries of the International Oil Organization OPEC Plus have announced an increase in oil production.
After the UAE’s withdrawal, the member countries announced an increase in oil production by 188,000 barrels per day at the OPEC Plus meeting. The decision to increase oil production will be implemented from June.
