Exxon warns oil inventories nearing record lows, expects prices to spike to $150-$160 per barrel
By
Spencer Kimball
3d ago· 2 min readenNews
75/100
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Summary
Exxon Mobil warned that global oil inventories are approaching record low levels within the next few weeks, which will cause oil prices to spike dramatically to $150-$160 per barrel. Senior Vice President Neil Chapman stated that once inventories hit these unprecedented lows, prices will shoot up and curb demand. The warning was delivered at a Bernstein conference in New York.
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.
