Trending Now - Oil Prices May Surge to $160 as Inventories Dwindle, Exxon Says

WHO:

OilPrice.com - Chevron CEO Mike Wirth and Exxon SVP Neil Chapman spoke at the Bernstein conference.

Yahoo Finance - ExxonMobil senior vice president Neil Chapman provided insights on oil inventories.

WHAT:

OilPrice.com - Global oil inventories plunged a record 8.7 million barrels per day in May.

Yahoo Finance - Chapman warned that global oil inventories are approaching "unheard of" lows and that prices could spike to between $150 and $160 per barrel.

OilPrice.com - The closure of the Strait of Hormuz has removed approximately 12-13 million barrels of oil per day from global markets.

Yahoo Finance - Chapman stated that once stockpiles reach historic lows, prices will shoot up.

WHERE:

Yahoo Finance - The Bernstein conference took place in New York.

OilPrice.com - The Strait of Hormuz is a narrow waterway through which a fifth of crude oil flows.

WHEN:

OilPrice.com - Chapman indicated that the low inventory levels could be reached in "two weeks or three weeks."

Yahoo Finance - The IEA flagged that global stockpiles were being consumed at an unprecedented rate earlier in the month.

WHY:

OilPrice.com - The ongoing conflict in Iran has led to the closure of the Strait of Hormuz, impacting oil supply.

Yahoo Finance - Wirth noted that the market's ability to absorb imbalances is diminished due to the depletion of buffers and shock absorbers.

HOW:

OilPrice.com - Chapman explained that the depletion of inventories has been mitigated by releases from strategic petroleum reserves.

Yahoo Finance - Both Wirth and Chapman indicated that the current market conditions are being influenced by the ongoing conflict and the resulting supply shock.

(UPDATED May 29, 2026 19:51 UTC)

At the Bernstein conference in New York, Chevron CEO Mike Wirth and Exxon senior vice president Neil Chapman discussed alarming trends in global oil inventories, which have plunged a record 8.7 million barrels per day this month. Chapman warned that these inventories are nearing "unheard of" lows, with prices potentially spiking to between $150 and $160 per barrel as the ongoing conflict in Iran has led to the closure of the Strait of Hormuz, removing around 12 to 13 million barrels of oil per day from the market. He indicated that if stockpiles continue to dwindle at this rate, we could see these historic low levels reached in just two to three weeks, significantly impacting the market's ability to absorb such shocks.