Loading ...Chevron CEO says physical shortages in oil supply to begin appearing
Chevron Chairman and CEO Mike Wirth says physical shortages in oil supply will begin appearing around the world because of the closure of the Strait of Hormuz, through which 20 percent of the global crude supply normally passes.
Economies will begin shrinking – first in Asia – as demand adjusts to meet supply while the strait remains closed because of the US-Israel war, Wirth said during a discussion sponsored by the Milken Institute.