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Exxon Mobil warns global oil stocks may hit critical lows within weeks
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Exxon Mobil has warned that global crude oil inventories are set to fall to their lowest level on record in the next few weeks, a situation that would force oil prices sharply higher and put pressure on energy markets.
Key facts
- The executive added that Dated Brent prices in the physical market would jump to US$150 to US$160 a barrel when oil stockpiles fall to record lows in the coming weeks.
- We are approaching oil inventory levels that have never been this low before,”
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- You can debate whether levels that critical will be reached in 2 or 3 weeks, but whenever we get there, you will see oil prices shoot up immediately.”
Summary
“We are approaching oil inventory levels that have never been this low before,” Neil Chapman, senior vice-president of Exxon, said at a conference hosted by Bernstein in New York.
Chapman warned with concern: “I mean very, very low levels, extremely low. You can debate whether levels that critical will be reached in 2 or 3 weeks, but whenever we get there, you will see oil prices shoot up immediately.”