US Energy Secretary Sees Aggressive Timeline for Oil Prices to Decline by Summer

US Energy Secretary on Oil and Gas Price Outlook US Energy Secretary Chris Wright stated that by this summer is an aggressive timeframe now for oil and gas prices to start coming down.

The remarks were made at the Semafor World Economy event. Wright's comments came one day after President Donald Trump said gas prices could go a little bit higher before the midterm elections. Wright also addressed Venezuela's oil production during the event.

He stated that Venezuela has sold 150 million barrels of oil since January. 2 million barrels of oil per day.

Global Oil Market Developments Despite Monday's rally, oil prices are below a week ago.

European natural gas prices are also below a week ago despite the rally. An oil tanker unloaded crude oil at a terminal at the port in Qingdao, in China's eastern Shandong province on March 11, 2026. Tehran has closed the Strait of Hormuz to most commercial vessels.

China raised the ceiling prices for retail gasoline and diesel earlier this week.

Chinese Industrial Profits Growth Chinese industrial profits jumped 15.

2% from a year earlier in the January-February period, according to the National Bureau of Statistics. 3%. 6% from a year ago. 7% from a year earlier in the January-February period. 2% in the period.

9% in the January-February period.