economy
Exxon warns oil inventories will hit dangerously low levels in weeks, forcing prices to shoot higher
The price of physical Brent oil cargoes will spike to $150 to $160 per barrel once inventories hit all-time lows, Exxon executive Neil Chapman said.
TL;DR
- Exxon Mobil predicts record-low oil inventories in the coming weeks.
- These low inventories are expected to cause oil prices to spike significantly.
- A senior Exxon executive estimates Brent oil could reach $150-$160 per barrel.
- The current market faces the largest oil supply disruption in history.
- The disruption is linked to Iran's closure of the Strait of Hormuz.
- International Energy Agency members released oil stockpiles to mitigate the impact.