ExxonMobil warns oil could hit $160, citing record low inventories

ExxonMobil Senior Vice President Neil Chapman warns global oil prices could reach $150 to $160 per barrel within weeks.

Stockpiles of crude, gasoline, diesel, and jet fuel have reached record lows.

Chapman expects these inventories to hit critical levels in the next two to three weeks.

Major supply disruptions caused the depletion, which strategic petroleum reserve releases partially masked.

Chapman stated at the Bernstein Strategic Decisions Conference that these reserve releases are not a sustainable solution.

Chevron’s CEO offered a similar assessment, noting the market's shock absorbers are being steadily drawn down.