US energy executives warn of massive oil supply crunch

“US energy executives warn of massive oil supply crunch Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to mitigate the impact of the closure of the Strait of Hormuz run dry. “We're approaching unheard of inventory levels. I mean, really, really low levels. You can debate whether that's going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you'll see [the] price shoot up,” Neil Chapman, a senior vice president at ExxonMobil, said on Thursday at a conference organised by the investment bank, Bernstein. “I think dated Brent, most people, well, a model would say dated Brent will shoot up. Once you get to that really low inventory level, up to $150, $160,” he added. Read more: US energy executives warn of massive oil supply crunch

Summary generated from the RSS feed of Middle East Eye. All article rights belong to the original publisher. Click through to read the full piece on www.middleeasteye.net.