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.

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