Exxon and Chevron Are Warning That Oil Prices Could Skyrocket in the Coming Weeks
Executives said dwindling stockpiles could push Brent to $150 to $160 a barrel as supply disruptions drain global reserves, Goldman Sachs estimated.
- On Thursday, Senior Vice President Neil Chapman warned that crude oil prices could reach $160 per barrel as ExxonMobil shareholders approved moving the company's legal headquarters from New Jersey to Texas.
- Dwindling commercial inventories have reached "unheard of inventory levels," Chapman explained, as strategic petroleum reserves previously mitigated the impact of supply shortages worldwide.
- ExxonMobil CEO Darren Woods stated the relocation focuses on "aligning our legal home with our operating home, in a state that understands our business and has a stake in the company."
- Crude oil prices have hovered between $90 and $110 for six weeks, but Chapman warned that Brent, the global crude benchmark, "will shoot up" as supplies tighten.
- Prices remain elevated following United States-Israeli military operations in Iran, though they have stabilized since late February when crude oil hovered near $75 a barrel.
27 Articles
27 Articles
kreiszeitung.de
hna.deThe conflict in the Middle East threatens the energy supply. Now a US company warns against historical lows in oil – and from exploding prices.
Oil Execs WARNING: The Pain Isn’t Temporary…
Oil executives are warning that consumers may be looking at a longer, harder stretch of expensive fuel, not a brief market scare. Quick Take Industry figures say the oil market is moving into a shortage regime as emergency stockpiles and prewar supplies get drawn down. One trader, Vitol’s Hardy, said the conflict has already erased about 4 percent of global demand and could get worse if the Strait of Hormuz stays shut.[1] Chevron Chief Executiv…
Everyone Should Read What This Exxon Executive Has to Say About the Oil Price Surge Coming in the Next 2 Weeks
In this Revolver News article, the warning from ExxonMobil Senior Vice President Neil Chapman is framed as a sign that the global oil market may be nearing a dangerous breaking point. Chapman warned that commercial inventories of crude oil, gasoline, diesel, jet fuel, and other petroleum products have been drawn down to unusually low levels....
Oil bosses warn prices will soar in a matter of weeks as inventories near unprecedented lows — 'I mean really, really low levels'
"You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see price shoot up.”
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