After years of glut, global oil markets now face supply constraints that are providing welcomed revenue gains for Canadian producers, but also higher pump prices for summer motorists.
He hopes that will keep prices low - and motorists happy with cheaper fuel - as he tries to force the Iranians out of the market.
Since President Donald Trump withdrew the US from the Iran deal, his administration has been pushing for allies to stop importing Iranian oil before sanctions snap back into place in November. "Since Venezuela and Libya failed to produce, OPEC countries chose to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".
So, how much support can Trump garner for his economic assault against Iran?
"We are prepared to work with countries that are reducing their imports on a case-by-case basis, but as with our other sanctions, we are not looking to grant waivers or licenses", Hook said, in comments that were seen as a softening of the United States' prior demands.
"This will be the first time that the U.S. has sought to erect a secondary sanctions regime in defiance of our traditional partners in Europe and Asia rather than in co-operation with them, and Iran and others will surely seek to exploit this Western divide" Mr Singh said.
Iran has said it will fight back against USA efforts to squeeze Iranian oil exports, accusing countries that fill the gap in oil markets of "a big treachery to the Iranian nation and the world community", according to Iran's First Vice President Eshagh Jahangiri.
Saudi Arabia could cover most of the current Iranian oil supplies for International Olympic Committee if India and its refiners were to cut off Tehran crude intake, Singh said, adding that a narrowing spread between Brent Crude and the Dubai oil benchmark gives refiners more options to source reasonably priced crude oil.
European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline.
Trump told King Salman bin Abdulaziz Al Saud that the oil market could need more supply when the men spoke on Friday, the White House said. On Monday, Hook expressed confidence that the US sanctions policy would not prompt mass shortages, but analysts have expressed doubt that Saudi Arabia can increase production by as much as Trump described.
"They seek to push Iranian exports of crude, condensate, and oil products to zero", energy consultancy FGE said in a note.
"It depends on the conduct of other governments", Bolton said. It's awful what they do to us, he said. "Of course. That's what we're doing, absolutely", he said.
Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter.