{"id":854,"date":"2026-05-30T10:06:56","date_gmt":"2026-05-30T10:06:56","guid":{"rendered":"https:\/\/hometransferguide.com\/?p=854"},"modified":"2026-05-30T10:06:56","modified_gmt":"2026-05-30T10:06:56","slug":"exxonmobil-executive-issues-stark-warning-to-us-consumers","status":"publish","type":"post","link":"https:\/\/hometransferguide.com\/?p=854","title":{"rendered":"ExxonMobil Executive Issues Stark Warning To US Consumers"},"content":{"rendered":"
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An oil executive warned on Thursday that global oil prices may soar even higher as reserves dwindle.<\/p>\n

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ExxonMobil Senior Vice President Neil Chapman delivered remarks on global energy markets at the Bernstein 42nd Annual Strategic Decisions Conference in New York. Chapman predicted a near $70 increase in oil prices if the Iran War continues to disrupt shipping lanes. (RELATED: New York Times Publishes Story Admitting Climate Doomsday Precitions May Have Been Overblown)<\/strong><\/p>\n

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HUNTINGTON BEACH, CALIFORNIA \u2013 APRIL 23: Pumpjacks stand idle in the Huntington Beach oil field on April 23, 2026 in Huntington Beach, California. (Photo by Mario Tama\/Getty Images)<\/p>\n<\/div>\n

The U.S. has been negotiating with Iran to reopen the Strait of Hormuz since early April, and multiple outlets recently reported a deal is taking shape. An Iranian official and one other diplomat told The New York Times on Friday that a draft peace deal includes a U.S.-backed $300 billion reconstruction fund.<\/p>\n

\u201cCommercial inventories of crude oil, of liquids-linked petroleum, gasoline, diesel, jet fuel, they\u2019ve all run down. And running down those inventories has mitigated or offset, supplemented by the release of strategic petroleum reserves, which most of the Western countries have done,\u201d Chapman said. \u201cWe\u2019re approaching unheard of inventory levels. I mean, really, really low levels. You can debate whether that\u2019s going to hit those really low levels in 2 weeks or 3 weeks.\u201d<\/p>\n

\u201cBut once you get to that point, then you\u2019ll see price shoot up. And I think dated Brent, most people will have modeled, would say dated Brent will shoot up. Once you get to that really low inventory level, up to $150, $160 [per barrel].\u201d<\/p>\n

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Dated Brent refers to barrels marked for purchase and retrieval. It is the immediate cost of purchasing a barrel. Dated Brent costs roughly $91.71 per barrel as of May 29, according to Business Insider. Brent prices previously reached a 52-week high of $126.41 per barrel on April 30.<\/p>\n

\u201cWhat happens is when the price gets to a certain level, demand destruction brings it back into balance. Prices go so high, it becomes unaffordable and that\u2019s what happens,\u201d Chapman said. \u201cAnd so we\u2019re at that level right now, and I think crude being in the sort of $90 to $110 for the last whatever it is, 6 weeks has really been mitigated by running down inventories. Can\u2019t last forever.\u201d<\/p>\n

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The Department of Energy has authorized record Strategic Petroleum Reserve (SPR) releases via an exchange contract system. Companies are obligated to repay more barrels than they withdrew at their initial purchase. The SPR holds 365 million barrels as of May 22, according to the U.S. Energy Information Administration. Former President Joe Biden previously drew the SPR down to roughly 350 million barrels in 2022 amid the Russia-Ukraine War, its lowest level since the 1980s.<\/p>\n

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The SPR contained over 600,000 barrels when Biden took office.<\/p>\n

\u201cI think most people don\u2019t really appreciate what\u2019s happened. You take arguably 11 million or 12 million barrels a day of crude oil out of the global market. The market is about 100 million, 103 million, 104 million barrels a day. Normally, you\u2019d see prices go through the roof. So what\u2019s happened to mitigate that?\u201d<\/p>\n

\u201cThe Saudis maxed out on their East West pipeline. So they\u2019re running 5 million barrels a day of crude from the east to the Red Sea and that obviously, you can get into the global market,\u201d Chapman said. \u201cI think what people appreciate less, there was a lot of sanctioned crude oil on the water. In other words, unsold. Iranian, Venezuelan \u2014 Venezuelan, Russian crude was \u2014 and that has now gone to the market, and that\u2019s mitigated some of the loss of oil through the Strait of Hormuz.\u201d<\/p>\n

The Treasury Department announced its Economic Fury initiative on May 28, further sanctioning Iranian oil sales and state or non-state purchases of sanctioned crude. The announcement follows a previous advisory\u00a0warning purchasers that paying Iranian tolls subjects them to U.S. sanctions.<\/p>\n

Iranian-ally China has dramatically cut crude oil imports since Operation Epic Fury began in February, according to Reuters. The reduction eased pressure on global demand.<\/p>\n

\u201cWhile the Chinese have been building steadily a strategic petroleum reserve for years, consistently building it, our data would suggest they haven\u2019t touched it very much during this crisis. They\u2019ve managed to secure crude oil. They\u2019ve managed to use commercial inventories within the country,\u201d Chapman said. \u201cThey have a very large petroleum, strategic petroleum reserve, which they\u2019ve obviously planned and built for a long, long time.\u201d<\/p>\n

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter\u2019s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact\u00a0licensing@dailycallernewsfoundation.org.<\/p>\n

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An oil executive warned on Thursday that global oil prices may soar even higher as reserves dwindle.<\/p>\n","protected":false},"author":1,"featured_media":853,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[287,1259,1260,1261,1262,52,202,53],"class_list":["post-854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interesting","tag-crude-oil","tag-exxon","tag-exxon-mobil","tag-exxon-mobil-corporation","tag-gulf-oil","tag-iran","tag-operation-epic-fury","tag-strait-of-hormuz"],"yoast_head":"\nExxonMobil Executive Issues Stark Warning To US Consumers - Home Transfer Guide<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/hometransferguide.com\/?p=854\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ExxonMobil Executive Issues Stark Warning To US Consumers - 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