Oil and gas production in the Americas has reached unprecedented levels. This increase in production is particularly observed in the United States, Canada, Argentina, and Venezuela, and is rooted in the recent unrest in the Gulf. The unrest has occurred following the war between the United States and Israel against Iran and attacks on energy infrastructure in the Strait of Hormuz.
Impact of Unrest on the Global Energy Market
Recent unrest has led to the loss of over two billion barrels of crude oil in global markets. This issue has been accompanied by a continuous rise in the prices of oil, liquefied natural gas, and fuel products, pushing countries and investors to seek energy sources outside the Middle East. According to a Hebrew media outlet, this situation has led to the emergence of a new superpower in the energy sector in the Americas.
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Efforts to Increase Oil Production in Venezuela and Other Countries
Given the challenges in securing energy from the Middle East, the United States government is working to persuade oil companies to invest in Venezuela. The goal is to rapidly increase crude oil production in this country. Other oil producers in the Americas are also seeking to boost their production to meet global energy demands.
However, new production in the Americas cannot fully replace cheap Middle Eastern oil. The rapid increase in production on this continent can only help to curb the rise in global prices and reduce the ability of OPEC and Gulf countries, especially Saudi Arabia, to set prices.
These developments indicate that geography and stability in various parts of the world have become determining criteria for the energy market, whose importance is no less than geological conditions.
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