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.

ARTICLE CONTINUES BELOW

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.

Engineers want to carve through Africa with a giant canal to bring water from the world’s second-largest river to a dying lake on the edge of the Sahara Desert that has already lost 90% of its water.

A giant brown band visible from space, approximately 8,850 kilometers long, connected Africa to America in the Atlantic Ocean, and satellites revealed that it is neither land nor pollution, but the largest accumulation of seaweed in the world, which broke records in 2025.

Brazil filled the Northeast with wind turbines but now faces the side effect of 705 giant blades reaching the end of their lifespan by 2032 just in Rio Grande do Norte, while the world projects 43 million tons of waste by 2050.

India approved the country’s first submerged road-rail tunnel, 15.8 kilometers dug under the bed of the Brahmaputra River.

Instead of burning or burying old tires, an American city is transforming about 2,000 of them into the street itself, paving its first sections with a quieter and more durable rubber asphalt.

In just one cast, fishermen are surprised to capture 14,096 mullets in Bombinhas and close a historic season with 58,000 fish; scene recorded in the Santa Catarina paradise marks the last day of the 2026 season.

10 giant tortoises are reintroduced and, in just 6 months, trigger changes that lead scientists to investigate a phenomenon absent for 180 years; the numbers recorded on the island impress researchers from around the world.

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Embraer, a company born in Brazil, is redefining global military transport with the KC-390 Millennium: it flies at 870 km/h, carries 26 tons, operates on unpaved runways, and has already won over 8 countries, including NATO members.

Brazil puts R$ 15 billion on the table to boost waterways and shipyards: there are 849 projects, 108 barges under construction, 36 vessels for Transpetro, and an additional US$ 2.25 billion already approved to accelerate the naval recovery.

Volkswagen car was produced for only 2 years and today has become one of the most interesting purchases with 128 hp, achieving up to 14.2 km/l and running 738 km with ACC and automatic braking.

Russia is on the brink of collapse: reserves have almost disappeared, oil revenues have plummeted by 45%, and experts point out the detail that could put Moscow under unprecedented pressure.

New Hyundai i20 2027: with a 1.0 turbo engine of 115 hp, up to 14.8 km/l, and being one of the cheapest cars in Brazil, Hyundai launches a national crossover larger than the HB20 for R$ 99,990