The United States is expected to increase domestic crude oil production under the upcoming presidency of Donald Trump, potentially expanding global supply and exerting downward pressure on prices, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Thursday.
Speaking at the CII Public Sector Enterprises Summit 2024, Puri noted that increased US crude output would likely encourage other producers - apparently members of the Organization of the Petroleum Exporting Countries - to revisit their recent output cuts.
"Today, more production is coming into the global market from the Western Hemisphere - from Brazil, Guyana, Canada, and the United States," Puri remarked.
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