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Mike Wirth, CEO of Chevron, predicts a rise in oil prices, but believes the global economy can absorb the impact.
The oil world is abuzz with Chevron CEO Mike Wirth's recent prediction. In an interview with Bloomberg TV, Wirth indicated that the price of oil could soon reach the $100 per barrel mark. This forecast is based on the decline in global inventories and the tightening of supply, especially with significant cuts in production from major exporters such as Saudi Arabia.
However, what's even more intriguing is Wirth's perspective on the economic impact of this rally. He believes that although prices are currently above the historical average, the global economy has shown resilience. “We've already had relatively high prices this year and the year before, and the recession that everyone is talking about hasn't arrived,” Wirth said. He sees this as a “burden on the economy,” but one that the economy has been able to tolerate.
With a barrel of WTI and Brent oil floating around US$90 and US$94 respectively, the world is keeping an eye on market movements and the potential implications for the global economy and, of course, the world of Formula 1. where fuel costs play a crucial role.
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