US Energy Department raises Brent price and oil production forecasts

Middle Eastern coverage highlights the US Energy Secretary’s comment that oil is unlikely to reach $200 per barrel, presenting it as reassurance to consuming countries. They note that producers in the region benefit from higher prices but also want to avoid levels that could destroy demand or trigger harsh policy responses from importers. They stress that the war involving Iran and supply fears are driving current prices, while long-term forecasts still assume some restraint from both producers and consumers.

• •Middle Eastern reports stress that the US Energy Secretary publicly ruled out $200 per barrel oil as a likely outcome.
• •Regional commentary notes that Gulf producers gain from higher prices but are wary of extreme spikes that could cut long-term demand.
• •Coverage links current price strength to the conflict involving Iran and worries about possible disruptions in regional exports.
• •Reports suggest that producer countries will watch US output growth and LNG supply trends when planning their own production policies.
• •Some voices argue that clear communication from major producers and the US can help prevent panic buying and extreme price swings.