Saed News: The CEO of ExxonMobil said that oil prices could reach $160 in the coming weeks due to the war against Iran.
According to SAEDNEWS, Exxon has recently warned that in the coming weeks, and considering the rapid decline in global strategic crude oil reserves due to the war against Iran, the price of a barrel of oil could rise to as high as $160.
The company’s senior vice president, Neil Chapman, stated in this regard: “We are approaching unprecedented levels of oil inventories—extremely low levels that the world has never experienced before. I think most people still do not fully understand what is happening in the global oil market. Around 11 to 12 million barrels of crude oil are being removed from the market daily, while total global consumption is approximately 100 to 104 million barrels per day. Under normal conditions, with such a large gap between supply and demand, we should be seeing a dramatic surge in prices—prices that would truly go beyond any ceiling.”
