Chevron, Exxon warn of $160 oil, citing rapidly falling inventories

Chevron CEO Mike Wirth and ExxonMobil executive Neil Chapman warn of rising oil prices due to rapidly falling crude inventories. [3, 6, 13]

The executives told a Bernstein conference that supply buffers previously absorbing U.S.-Iran conflict impacts are now depleted. [6, 13]

Wirth expects increased upward price pressure during June and July. [3, 6]

Chapman noted that inventories are approaching record lows. [3, 13]

Brent crude prices could reach $150 to $160 per barrel once inventories hit a critical tipping point. [3, 13]