Crude Buffers Depleted, Higher Prices Loom: Chevron CEO

Chevron CEO Mike Wirth warned that crude oil buffers have been depleted, leading to higher prices. Speaking at a University of Texas at Austin energy conference, Wirth stated that it's 'harder to envision a scenario where prices soften and quickly.'

The average price of diesel in the US hit $6 per gallon for the first time on Thursday, as the war against Iran, combined with Ukrainian attacks on Russian refineries, squeezed supply. Brent crude futures remain on track for a weekly gain of 8%.

Chevron operates the massive Tengiz oilfield in Kazakhstan and holds a stake in the Caspian Pipeline Consortium, which operates an export pipeline from Tengiz to the Black Sea. Wirth noted that the company will fund its planned $7 billion investment to expand in Venezuela entirely with cash generated by its three existing joint ventures in the country.