Crude stockpiles at historic lows may trigger a sharp price spike to $150-160 per barrel, executives warn.
Exxon and Chevron executives warned that oil prices could climb to $150-160 per barrel in the next two months as crude inventories fall to unprecedented lows. Reduced stockpiles limit market shock absorption, increasing the risk of a sharp price spike amid ongoing geopolitical tensions.
Crude inventories are nearing all-time lows, driven by the U.S.-Iran conflict, which has disrupted supply chains. Executives noted that demand destruction would eventually balance the market, but not before prices surge further.
The comments were made during a Bernstein conference, highlighting concerns over dwindling buffers in global oil markets.