Chevron CEO Mike Wirth warns oil price buffers are depleted

Chevron CEO Mike Wirth warned that the buffers against rising oil prices have been depleted, making it more likely that crude prices will increase in the coming months. He noted that countries had released strategic crude stockpiles and the US had lifted restrictions on oil from sanctioned countries, but these measures are now exhausted. Wirth also discussed Chevron's operations near the conflict zone and its planned expansion in Venezuela, while the IEA reported a significant drop in global oil inventories.