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Exxon Mobil Corporation (XOM.US) Warns Oil Inventories to Fall to Historic Lows in Coming Weeks
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Exxon Mobil Corporation (XOM.US) Senior Vice President Neil Chapman warned that oil inventories will fall to historic lows in the coming weeks, which could force oil prices to surge and suppress demand. He said oil inventory levels are approaching unprecedented lows and expects Brent crude inventories to drop to historic lows in the coming weeks. Spot prices could surge to between USD150 and USD160 per barrel, which he believes would lead to a decline in demand. Brent oil futures for July delivery are currently quoted at USD93.3 per barrel, as investors once again hope that the United States and Iran can reach an agreement and reopen the Strait of Hormuz. According to the International Energy Agency, Irans blockade of the Strait of Hormuz has resulted in the market losing more than 1 billion barrels of oil. Chapman said current oil inventories are helping to cushion the impact of the Strait of Hormuz blockade, but this cannot continue indefinitely. (mn/u) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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