Chevron chief executive Mike Wirth has warned oil prices are likely to rise over the next two months as crude inventories continue to decline due to the Iran war.
“The buffers and the shock absorbers are being steadily drawn down, and the ability for the market to absorb this imbalance is drastically diminished today versus where we started,” he said at a conference organised by the investment bank Bernstein on Thursday.
“Over the next few weeks, we’re likely to see those pressures flow through more directly to physical prices and there’s more upwards pressure that I would expect as we get into June and certainly into July.”
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