Chevron's CEO warns of potential oil price increases due to depleted stockpiles

In a recent statement, Chevron CEO Mike Wirth highlighted that the depletion of oil stockpiles, which had previously helped stabilize prices during the Iran conflict, could lead to higher oil prices in the coming months. He noted that the release of these reserves has been 'played out,' making it challenging to envision scenarios where prices would soften quickly. Wirth emphasized that the risks remain to the upside over the next few months.

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