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Reuters

Chevron CEO warns depleted crude buffers could push oil prices higher in coming months

AI Market Summary
Chevron's CEO said strategic and logistical crude buffers that previously capped price spikes have been exhausted, leaving supply more exposed as the Iran war and Ukraine's attacks on Russian refineries tighten the market. Brent is tracking an ~8% weekly gain, reinforcing near-term upside risk and higher fuel costs. Separately, Chevron's Venezuela expansion plan is framed as self-funded via JV cash flows, limiting balance-sheet implications.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT-5.34%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
▲ Bullish
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Chevron CEO Mike Wirth said crude oil buffers that had helped prevent prices from rising during the Iran war have been exhausted, leaving room for the conflict to lift prices further in the coming months. Brent crude futures were on track for an 8% weekly gain. Wirth also said Chevron’s $7 billion Venezuela expansion will be funded entirely by cash from its local joint ventures, targeting output of about 600,000 barrels per day by 2031.
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