Chevron CEO Warns Depleted Oil Buffers Could Keep Oil Prices Elevated
Chevron CEO Mike Wirth said stockpile releases and eased restrictions on floating storage that cushioned crude prices during the Iran war have been exhausted. He sees continued upside risks over the next few months and said it is difficult to foresee prices softening quickly.
Speaking at a University of Texas at Austin energy conference, Chevron CEO Mike Wirth warned that the oil buffers that previously mitigated crude price spikes during the Iran war have been depleted. Wirth noted that while countries had released stockpiles and the U.S. eased restrictions on floating storage, these measures have now been exhausted. He indicated that it is difficult to foresee a scenario where prices soften quickly, citing continued upside risks over the next few months.
Additionally, Wirth commented on the company's operations in Kazakhstan and its investment strategy in Venezuela, where Chevron plans to fund expansion entirely through cash generated by its existing joint ventures.