Oil Price Buffers Are Played Out, Warns Chevron CEO Mike Wirth

Chevron's CEO Mike Wirth warned that oil price buffers are 'played out' in global crude markets. This means it's harder to envision a scenario where prices soften quickly.

The company outlined a $7 billion expansion plan in Venezuela, which aims to more than double output to 600,000 barrels per day by 2031.

Chevron Australia also flagged that LNG prices are likely to stay elevated for around six months due to tight Asian markets and continued Middle East supply disruptions.