Chevron CEO Warns Depleted Oil Buffers Could Spark Higher Prices

Chevron CEO Mike Wirth warned on September 11 that oil buffers, which previously limited crude price increases during the Iran war, have been depleted. This could lead to higher prices over the next few months.

The average price of diesel in the U.S. hit a record $6 per gallon on Thursday due to the ongoing conflict and Ukrainian attacks on Russian refineries. Brent crude futures are up 8% this week.

Wirth also stated that Chevron's operations in Kazakhstan have seen fewer impacts from Ukraine's actions since discussions with the U.S. administration, led by President Donald Trump. The company plans to fund its $7 billion investment in Venezuela entirely through cash generated from existing joint ventures.