Chevron CEO Warns of Impending Physical Oil Shortages as Inventories Fall
Chevron CEO Mike Wirth warned that the global oil market could face physical shortages as stockpiles shrink and the Strait of Hormuz remains closed, pushing up crude and jet-fuel prices. Inventories are at multi-year lows (about 101 days of crude demand and 45 days of refined products), and rebuilding will take months, likely keeping prices higher through the year and potentially boosting Chevron’s near-term profits, even as the stock has lagged so far in 2026.
