Bearish
Chevron CEO Mike Wirth warns oil price buffers are depleted, crude prices likely to rise.
Chevron's CEO, Mike Wirth, stated that the mechanisms preventing further oil price increases have been exhausted, suggesting that crude prices are more likely to rise than fall in the coming months. This outlook is influenced by the ongoing Iran conflict and its impact on global oil supply.
Key points
- CEO Mike Wirth indicates that oil price buffers are depleted, making price increases more likely.
- U.S. diesel prices hit a record $6 per gallon amid supply constraints.
- Iran war and Ukrainian attacks on Russian refineries continue to squeeze global oil supply.
Sources
AI-generated from public news sources. Not financial advice.
