Exxon warns oil inventories will hit dangerously low levels in weeks, forcing prices to shoot higher Exxon Mobil Senior Vice President Neil Chapman warned that oil inventories are nearing historically low levels, which will inevitably lead to a significant price increase in the upcoming weeks. He estimates that physical Brent oil could reach $150 to $160 per barrel once these lows are hit, with demand destruction eventually rebalancing the market. This warning comes as the market grapples with the largest oil supply disruption in history due to Iran’s closure of the Strait of Hormuz, despite efforts to mitigate the impact.

• Exxon Mobil predicts record-low oil inventories in the coming weeks.
• These low inventories are expected to cause oil prices to spike significantly.
• A senior Exxon executive estimates Brent oil could reach $150-$160 per barrel.
• The current market faces the largest oil supply disruption in history.
• The disruption is linked to Iran’s closure of the Strait of Hormuz.
• International Energy Agency members released oil stockpiles to mitigate the impact.