Chevron CEO Michael Wirth spoke on Wednesday US time:
- “The tightness in supply hasn’t gone away,”
- “I think it’s great for the economy that prices have moderated, but I also see the risks remaining skewed towards the upside.”
- “Now the real challenge for the globe, I think, is to see the investment in supply ... as we come through whatever form of economic slowdown we see what the supplies are to support growth going forward,”
- Wirth pointed to several factors that could lead to a resurgence in demand, including China reopening fully following a spike in Covid cases. Additionally, global energy markets are being reordered following Western nations slapping sanctions on Russian energy.
This comes via CNBC, link here.
He makes some solid points.
Oil update:
