ExxonMobil Predicts Brent Could Reach $150–$160 on Low Inventories
XOM•ExxonMobil senior VP Neil Chapman warned that global oil inventories have dwindled to near-record lows and could hit troughs in two to three weeks, propelling Brent prices to $150–$160 per barrel. The Strait of Hormuz closure has removed about 14 million barrels per day of supply, the steepest shock on record.
1. Warning of Imminent Inventory Lows
ExxonMobil senior vice president Neil Chapman told investors that global oil inventories are approaching near-record lows and could hit unprecedented troughs within two to three weeks. He described current stockpiles as “really, really low” and warned of a sharp market reaction once buffers dwindle further.
2. Price Spike Forecast
Chapman projected that physical Brent crude prices could surge to $150–$160 a barrel before elevated prices curtail consumption. He noted that such levels would force market rebalancing as demand softens under higher energy costs.
3. Hormuz Supply Shock Impact
The ongoing closure of the Strait of Hormuz has removed roughly 14 million barrels per day of Middle Eastern supply, the largest supply shock on record. Member countries tapped 400 million barrels of strategic reserves in March to mitigate the shortfall, but inventories remain under severe pressure.
