Energy And Markets News

Chevron CEO Mike Wirth warns Trump administration against diesel export ban amid global supply crunch

Chevron CEO Mike Wirth warned the Trump administration that a U.S. diesel export ban would be unwise, arguing it would remove supply from global markets and undermine confidence in American energy reliability. He noted that while recent Middle East crude exports and G7 stockpile releases have eased immediate fears, global inventories remain critically low after being drained over several months. Wirth emphasized that the energy system is now more vulnerable to disruption, particularly as the U.S.-Iran conflict continues to threaten shipping through the Strait of Hormuz. He also highlighted Chevron’s $7 billion investment plan to double oil production in Venezuela by 2031, though he acknowledged this long-term growth cannot offset current Middle East supply risks.