Exxon Warns Record Low Oil Inventories Will Spike Prices and Curb Demand
By
Erik Loomis
Properly proved. Has structure, has flavour, has a point.
Summary
Exxon Mobil has warned that global oil inventories are approaching record low levels within the next few weeks, which will cause oil prices to spike sharply and curb demand. Exxon Senior Vice President Neil Chapman made the warning at a Bernstein conference in New York, describing the inventory levels as "unheard of" and "really, really low." The article frames this as a direct consequence of policies associated with the Biden administration (referenced by "Thanks Don!").
Key quotes
· 3 pulledWe're approaching unheard of inventory levels.
I mean really, really low levels.
Once you get to that point, then you'll see price shoot up.
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