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.
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The world's energy safety net is shrinking
ExxonMobil and Chevron executives say crude stockpiles are falling toward historic lows, increasing the risk of significant price volatility. Energy-intensive firms, refiners and petrochemical producers should monitor supply-chain and procurement strategies ahead of a potentially volatile summer.
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…
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