Exxon, Global Agencies Warn of Oil Price Spike Within Weeks
Exxon said stockpiles are nearing operational minimums, and analysts warn physical Brent could jump to $150 to $160 if the shortage deepens.
- Exxon Mobil Senior Vice President Neil Chapman warned Thursday that global oil inventories are approaching "unheard of" lows, with Brent crude potentially spiking to $150–$160 per barrel once operational floors are reached.
- Iran's closure of the Strait of Hormuz has removed over a billion barrels of oil from global markets, creating the largest supply disruption in history and forcing inventory buffers to be "steadily drawn down."
- Goldman Sachs data shows global oil inventories plunged a record 8.7 million barrels per day in May alone, while Chevron CEO Mike Wirth warned market "shock absorbers" are dwindling amid upward price pressure.
- Asia is already at minimum operational levels, Europe is weeks behind, and the United States could face supply crunches by July, raising manufacturing costs across smaller nations like Singapore.
- Iran's negotiating leverage compounds as the conflict persists, while industry models suggest demand destruction will eventually rebalance the market, though full flows are not expected before the first quarter of 2027.
27 Articles
27 Articles
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Exxon, global agencies warn of oil price spike within weeks
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US energy executives warn of massive oil supply crunch Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to mitigate the impact of the closure of the Strait of Hormuz run dry. “We're approaching unheard of inventory levels. I mean, really, really low levels. You can debate whether that's going to hit those really low levels i…
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