Exxon, Chevron Warn Another Oil Price Spike Coming Soon

(Photo by David McNew/Getty Images)

Leading executives at ExxonMobil and Chevron sounded an alarm during a recent Bernstein conference: Global oil inventories are plunging to dangerously low levels, setting the stage for a potential price explosion that could reshape economies and expose the fragility of our energy system.

“We’re approaching unheard of inventory levels. I mean really, really low levels.” Exxon Mobil Senior Vice President Neil Chapman issued told the conference audience, adding that he expects inventories to reach a critical low point in just “two to three weeks. Once you get to that point, then you’ll see price shoot up.” Chapman’s models project Brent crude spiking to $150–$160 per barrel once the operational floor is reached, with demand destruction eventually restoring balance as prices for fuel rise to unaffordable levels for many. (RELATED: Oil Executive Issues Stark Warning To US Consumers)

MIDLAND, TEXAS – MARCH 16: Pump jacks are seen at sunset on March 16, 2026 in Midland, Texas. Oil prices have risen roughly 4% as the recent conflict involving Iran, the United States, and Israeli forces heightens global concerns over energy costs. Attacks on energy infrastructure and shipping disruptions through the Strait of Hormuz—a critical passage responsible for about 20% of the world’s oil supply—are intensifying fears of supply shortages and rising inflation, as production and exports across the region continue to be disrupted. (Photo by Brandon Bell/Getty........

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