At the World Economic Forum in Davos on Thursday, U.S. Energy Secretary Chris Wright said the world needs to more than double global oil production to meet long-term energy demand.
Speaking alongside Occidental Petroleum CEO Vicki Hollub, Wright argued that oil and natural gas will remain essential for decades, despite growing global emphasis on lower-carbon energy policies.
He said rising U.S. natural gas output and investment in liquefied natural gas (LNG) terminals had positioned the United States to replace Russian gas supplies lost by Europe after the Ukraine conflict in 2022.
Wright, however, warned that European Union environmental regulations, particularly methane monitoring requirements, could hinder energy cooperation and expose U.S. producers to legal risks.
He also criticised California’s energy policies, saying strict regulations had driven companies away, reduced refining capacity, and contributed to higher fuel prices for consumers.
Global oil supply currently stands at about 107.4 million barrels per day, according to the International Energy Agency, underscoring Wright’s call for significant expansion in fossil fuel production.