Chevron CEO Says Global Oil Buffers Are Running Out

Overview

• Chevron chief Mike Wirth has warned that emergency stockpiles and spare capacity that have so far steadied markets are being depleted, making physical fuel shortages more likely.
• Energy markets have already felt pressure from disrupted flows in the Middle East, with benchmark crude prices remaining elevated and analysts saying a full return to normal will take time.
• Chevron produces roughly three million barrels a day and has added output from assets such as Guyana, the Bakken and the Gulf of Mexico, which company leaders say help it withstand tighter markets.
• Wirth said shortages could force economies to slow because higher fuel costs would cut consumer spending and raise costs for trucking, shipping and air travel, leaving some consumer-facing companies at risk.
• Watch chokepoints such as the Strait of Hormuz and the pace of restored flows for signals on supply; investors are weighing Chevron’s scale and cash-flow resilience against broader market and consumer-sector exposure.