Exxon warns oil inventories nearing record lows, predicts price spike to $150-$160 per barrel
By
Spencer Kimball
3d ago· 2 min readenNews
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Summary
Exxon Mobil senior vice president Neil Chapman warned that global oil inventories are approaching record low levels within the next two to three weeks, which will cause crude prices to spike dramatically to $150-$160 per barrel. The warning was delivered at a Bernstein conference in New York, highlighting severe supply constraints in the physical oil market.
Key quotes
· 3 pulledWe're approaching unheard of inventory levels.
I mean really, really low levels.
You can debate whether that's going to hit, those really low levels, in two weeks or three weeks. Once you get to that point, then you'll see price shoot up.
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.
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