Chevron’s CEO cites dwindling global oil inventories and geopolitical tensions as catalysts for imminent price spikes.
Chevron CEO Mike Wirth issued a stark warning about rising oil prices, citing depleted market buffers and reduced capacity to absorb supply shocks. His remarks at the Bernstein conference marked a rare departure from typical corporate caution, signaling heightened risk for physical prices in the coming weeks.
U.S. crude inventories fell by 3.3 million barrels to 441.7 million barrels for the week ending May 22, according to the EIA. The decline reflects over ten weeks of supply disruptions tied to the U.S.-Israel military campaign against Iran, which began February 28, 2026. Wirth noted the market’s diminished ability to offset imbalances compared to earlier in the conflict.
Wirth’s comments suggest upward pressure on oil prices could intensify in June and July, with potential implications for global inflation and energy markets.