Chevron Corp. is worried that global oil supplies are running dry as the US-Israel war with Iran enters its third month.
“That’s certainly the scenario we’re concerned about,” Chief Executive Officer Mike Wirth said Friday in an interview on CNBC. “If we don’t get supply reestablished, demand will have to come down across different sectors of the economy. That’s the big concern that everybody has as we try to avoid a scenario where that becomes extreme.”
Wirth, who added that his company is speaking with the Trump administration on an “almost constant basis,” is the latest US oil executive to share concerns that the world’s extra supply of oil stored on land and at sea could be running out if the Strait of Hormuz remains closed. ConocoPhillips warned on Thursday that “critical shortages” of oil for some import-dependent nations were imminent.
The conflict has already eroded oil demand, and crude traders have warned of a bigger hit to come.
There’s no get-around with the effective closure of Hormuz, through which about 20% of the world’s oil and liquefied natural gas typically flows, Wirth added.
“The global energy system continues to be under extreme stress,” he said.
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