Chevron CEO Mike Wirth has indicated that global oil prices are likely to rise further, citing depleted supply buffers and continued disruption risks. Brent crude is currently near $105 per barrel and WTI just over $100, levels significantly higher than earlier in the summer. This situation highlights a tight oil market where reduced spare production capacity leaves prices particularly vulnerable to shocks. Market participants are interpreting Wirth’s statements as supportive of scenarios anticipating new all-time highs for oil, amid scarcity and ongoing geopolitical tensions affecting supply.
Source: Read the original article
