ExxonMobil VP Warns of Imminent Oil Price Surge

ExxonMobil's senior vice president, Neil Chapman, has warned that global oil inventory tightness could reach critical levels within weeks, potentially driving Brent crude prices to $150 or $160 per barrel. According to BeInCrypto, Chapman highlighted at a Bernstein investor conference that the market is nearing rarely seen stockpile levels, exacerbated by disruptions in the Strait of Hormuz. The International Energy Agency reported a drawdown of 246 million barrels in March and April, with cumulative supply losses possibly exceeding one billion barrels by month-end. Analysts suggest commercial inventories are weaker than data indicates, raising concerns about potential energy shortages.