Exxon, Global Agencies Warn of Oil Price Spike Within Weeks
Exxon said stockpiles are nearing operational minimums, and analysts warn physical Brent could jump to $150 to $160 if the shortage deepens.
- Exxon Mobil Senior Vice President Neil Chapman warned Thursday that global oil inventories are approaching "unheard of" lows, with Brent crude potentially spiking to $150–$160 per barrel once operational floors are reached.
- Iran's closure of the Strait of Hormuz has removed over a billion barrels of oil from global markets, creating the largest supply disruption in history and forcing inventory buffers to be "steadily drawn down."
- Goldman Sachs data shows global oil inventories plunged a record 8.7 million barrels per day in May alone, while Chevron CEO Mike Wirth warned market "shock absorbers" are dwindling amid upward price pressure.
- Asia is already at minimum operational levels, Europe is weeks behind, and the United States could face supply crunches by July, raising manufacturing costs across smaller nations like Singapore.
- Iran's negotiating leverage compounds as the conflict persists, while industry models suggest demand destruction will eventually rebalance the market, though full flows are not expected before the first quarter of 2027.
23 Articles
23 Articles
InsideNoVA.com
Exxon, global agencies warn of oil price spike within weeks
(The Center Square) – A top ExxonMobil executive warned that oil prices could surge to between $150 and $160 per barrel within weeks as conflict in the Middle East drains global inventories – a spike that would likely send gasoline…
The Worst Oil Shock Since the 1970s Has Arrived — and Exxon Warns $160 Oil Is Weeks Away
Summary and Key Points: The closure of the Strait of Hormuz has removed roughly a billion barrels of oil from the market, triggering the worst supply shock since the 1970s OPEC embargoes. Exxon Mobil warns that Brent crude — about $92 a barrel now — could spike to $160 within weeks as global inventories near record lows. NORFOLK, Va. (May 16, 2026) USS Gerald R. Ford (CVN 78) returned to Naval Station Norfolk, May 16, 2026, following a historic …
Supermajor Warns Oil Prices Could Hit $160 Within Weeks
Just about two months ago, JPMorgan did the math on "How Long Before The World Hits Crude Oil Operational Minimum." The punchline was that while the market can hold hundreds of millions of barrels, it would still become fragile once working stocks fell too low. Like blood pressure in the human body, the issue is circulation. Then, approximately 4 weeks later, the bank followed up this analysis with some more math, explaining "Why Hormuz Will Reo…
US Iran News LIVE updates: Trump says Hormuz blockade to be lifted, wants no-nuclear-weapon assurance from Iran
US Iran News LIVE: US President Donald Trump said in a social media post that he would convene a meeting in the White House Situation Room on Friday to take a final call on an agreement with Iran.
US energy executives warn of massive oil supply crunch
US energy executives warn of massive oil supply crunch Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to mitigate the impact of the closure of the Strait of Hormuz run dry. “We're approaching unheard of inventory levels. I mean, really, really low levels. You can debate whether that's going to hit those really low levels i…
Coverage Details
Bias Distribution
- 47% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
