Exxon warns oil inventories nearing record lows, prices could spike to $160 per barrel
By
Spencer Kimball
Lightly toasted, lightly seasoned, mostly correct.
Summary
Exxon Mobil warned that global oil inventories are approaching record low levels within weeks, which will cause oil prices to spike dramatically. Senior Vice President Neil Chapman stated that physical Brent crude prices could reach $150-$160 per barrel once inventories hit all-time lows, potentially curbing demand. The warning was issued at a Bernstein conference in New York, highlighting an imminent supply crunch in the 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.
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