Chevron CEO Warns of Continued High Oil Prices Amid Geopolitical Tensions
Mike Wirth, Chevron's chairman and chief executive, stated at a University of Texas energy conference that oil prices are unlikely to drop quickly due to the depletion of market buffers following the U.S.-Iran conflict. He noted that mechanisms like strategic reserves and commercial inventories have been largely used up, reducing flexibility in the global energy system. The situation was further complicated by attacks on Saudi infrastructure, which disrupted 2.5 million barrels per day of oil supply. Wirth also mentioned reduced disruptions at Chevron's Tengiz oilfield following Ukrainian strikes on Russian energy sites. Current U.S. diesel prices reached a record $6.23 per gallon as of September 10, with Brent crude near $105 and West Texas Intermediate just above $100—up about 50% from pre-conflict levels in February 2026. China's return to the international oil market has also increased demand pressure. President Trump predicted a post-election drop in prices due to potential resolution of the Iran war, but Wirth remains skeptical. The administration is exploring options like expanding Venezuelan output and U.S. refining capacity as possible solutions.
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Topics: CEO statement energy crisis oil prices U.S.-Iran conflict