Exxon Warns of Dangerously Low Oil Inventories and Skyrocketing Prices
Exxon Mobil has warned that oil inventories are projected to reach historically low levels in the coming weeks, a situation that will inevitably lead to significant price increases. This looming scarcity, exacerbated by the ongoing disruption of the Strait of Hormuz, is expected to drive physical Brent oil prices to between $150 and $160 per barrel. While a potential resolution to the geopolitical tensions could impact short-term futures, the executive stressed that the current rate of inventory depletion cannot be sustained indefinitely.
John Q. Hosedrinker