Exxon warns oil inventories headed for record lows; prices could hit $150-$160

US energy giant Exxon Mobil has warned that global oil inventories are set to fall to record low levels within weeks, potentially triggering a sharp spike in crude prices to as high as $150-$160 per barrel.

Speaking at a Bernstein conference in New York, Exxon Senior Vice President Neil Chapman said physical Brent crude prices could surge once inventories hit critically low levels, adding that higher prices would eventually curb demand and help rebalance the market.

https://www.cnbctv18.com/energy/exxon-warns-oil-inventories-headed-for-record-lo...

At lime of posting :

WTI Crude Oil
87.76

Brent Crude Oil
91.89


ai :

ExxonMobil executives warn that global oil inventories are nearing record lows, potentially driving physical Brent crude prices to $150–$160 per barrel within two to three weeks.

This forecast, delivered by Senior Vice President Neil Chapman at the Bernstein conference, cites the closure of the Strait of Hormuz as the primary driver, which has removed approximately 11–12 million barrels per day from the market.  While July Brent futures currently trade below $94, Chapman notes that once stockpiles are exhausted, demand destruction at higher price points will be required to rebalance the market.  Chevron CEO Mike Wirth echoed these concerns, noting that global supply buffers are being steadily drawn down.