Published • loading... • Updated
Chevron CEO Says Depleted Crude Oil Buffers Could Lead to Higher Prices
Mike Wirth said countries’ crude stockpile releases have run out, leaving oil prices exposed to further gains over the next few months.
- On Friday, Chevron CEO Mike Wirth warned at a University of Texas at Austin energy conference that oil buffers limiting price increases are "played out," signaling upside risk for crude prices over coming months.
- Supply constraints from the Iran war and Ukrainian strikes on Russian refineries have squeezed global energy supplies, pushing U.S. diesel prices to $6 per gallon on Thursday for the first time.
- Wirth said Chevron will fund a planned $7 billion expansion in Venezuela entirely with cash from joint ventures, targeting output of about 600,000 barrels per day by 2031.
- After the President Donald Trump administration engaged Ukraine on strikes against Russian oil infrastructure in the Black Sea, Wirth reported fewer disruptions to Chevron's Tengiz oilfield operations in Kazakhstan.
- Brent crude futures remain on track for an 8% weekly gain, with Wirth emphasizing, "It's harder to envision a scenario where prices soften and quickly," indicating sustained upside pressure.
Insights by Ground AI
12 Articles
12 Articles
Chevron CEO says depleted crude oil buffers could lead to higher prices
·London, United Kingdom
Read Full Article
Chevron's CEO Says The Oil Buffers Are Gone - Energy News Beat
Chevron Chairman and CEO Mike Wirth delivered a blunt message in Austin on Friday: the shock absorbers that kept oil from exploding earlier in the Iran war are finished. Strategic stockpile releases and the U.S. decision to loosen rules on sanctioned crude sitting in floating storage have been “played out.” From here, he said, it is hard to see prices ease quickly. The risks over the next few months sit to the upside.
The "cushions" that until now kept oil prices from rising even higher after the outbreak of war with Iran have now ... The article Chevron rings the bell for new oil price increases was published in NewsIT.
Coverage Details
Total News Sources12
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 16%
Factuality
To view factuality data please Upgrade to Premium
