Chevron Chairman and CEO Mike Wirth recently spoke on "Bloomberg Surveillance" regarding the tight global energy market, citing the war in Iran's impact on oil prices and supplies, and multiple attacks on vessels transiting the Strait of Hormuz.
Wirth highlighted that despite some expectations of a future oil glut, current distillate fuel inventories, including diesel, are at their lowest levels since 2003. He noted that the U.S. is exporting crude at record levels, which, while helping allies, is contributing to low domestic inventories for diesel and gasoline as the country heads into a period of seasonally rising demand.
He expressed concerns about upward pressure on prices for these refined products, stating that inventory levels are tight, demand remains strong, and prices are already elevated with a risk of going higher. Wirth warned that shortages, which have been observed in Asia, could spread to other parts of the world.
