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Chevron CEO Surprised at Low Oil Response to Red Sea Dangers

OIL

Chevron has not made “fundamental changes” to the way it moves vessels over the last few weeks regarding the Red Sea security issue according to its CEO Mike Wirth speaking to Bloomberg in Davos Tuesday.

  • Wirth said he is surprised to not see more reaction in oil markets because of the rerouting of vessels.
  • “US supply growth has surprised people to the upside and I think helped calm markets a little bit but it has no ability to cover up big disruption in the Middle East”
  • Wirth said record US oil production “can go higher” this year.
  • Over $100/bbl oil is “conceivable” on Middle East disruptions depending on the severity he said but any Strait of Hormuz escalations would be a much bigger driver for markets than Red Sea disruptions
Energy BulletsCommodities
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