Chevron CEO Mike Wirth Warns Depleting Supply Buffer Will Lead To Higher Oil Prices: Report

Chevron CEO Mike Wirth warned that oil prices are likely to remain elevated in the coming months due to the depletion of supply buffers that previously softened the impact of the U.S.-Iran conflict. He stated that the risks to oil prices remain on the upside, with Brent crude having already surged over 50% since the Middle East war began. Chevron plans to invest $7 billion in its Venezuelan operations, aiming to more than double production by 2031, funded by existing ventures in the country.