Oil at $100? Chevron CEO Makes Striking Prediction

Written by Douglas Avila

Published on 20/09/2023 at 13:00

Mike Wirth, CEO da Chevron, discutindo a futura trajetória dos preços do petróleo.

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Mike Wirth, Chevron CEO, Predicts Oil Price Increase But Believes Global Economy Can Absorb Impact.

The oil world is abuzz with Chevron CEO Mike Wirth’s recent forecast. In an interview with Bloomberg TV, Wirth indicated that the price of oil could soon reach the mark of US$ 100 per barrel. This forecast is based on the decline of global inventories and the tightening supply, especially with significant production cuts from major exporters like Saudi Arabia.

However, what is even more intriguing is Wirth’s perspective on the economic impact of this increase. He believes that, although prices are currently above historical averages, the global economy has shown resilience. “We have had relatively high prices this year and last, and the recession everyone is talking about hasn’t happened,” Wirth said. He sees this as a “weight on the economy,” but one that the economy has been able to tolerate.

With WTI and Brent crude oil hovering around US$ 90 and US$ 94, respectively, the world is watching market movements and the potential implications for the global economy and, of course, for the world of Formula 1, where fuel costs play a crucial role.

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Oil at $100? Chevron CEO Makes Striking Prediction

Mike Wirth, Chevron CEO, Predicts Oil Price Increase But Believes Global Economy Can Absorb Impact.

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Oil at $100? Chevron CEO Makes Striking Prediction

Mike Wirth, Chevron CEO, Predicts Oil Price Increase But Believes Global Economy Can Absorb Impact.

Scientists enter a narrow, flooded cave 500 meters deep and find giant dinosaur footprints on the ceiling measuring up to 1.25 meters, preserved in such a rare way that a new type of trace had to be created.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

A giant half-ton ring fell in Kenya from space, and more than a year later, scientists still do not know where it came from.

After two years of internal discussions, Paraguay has finally regulated the law that opens the country to foreign technology and service companies with tax incentives that promise to create thousands of jobs and change the economy.

Map reveals how the Earth may look in 250 million years: continents will reunite in the Last Pangaea, 92% of the planet could become uninhabitable for mammals, and Spain appears among the rare possible exceptions.

About 6,000 residents live concentrated along a single street nearly 9 km long in the interior of Poland, with houses forming a continuous row and narrow agricultural strips emerging behind them, creating one of the most unusual rural patterns in Europe.

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