Exxon Mobil warns oil disruption impact will push prices higher
Updated
Updated · CNBC · May 1
Exxon Mobil warns oil disruption impact will push prices higher
10 articles · Updated · CNBC · May 1
Darren Woods said the Iran war and Strait of Hormuz closure have cut about 15% of Exxon production, with output down 750,000 barrels a day if shutdowns last through June.
He said in-transit tankers, strategic reserve releases and inventory drawdowns have so far cushioned markets, but those buffers will run out if the strait stays closed.
Woods expects Gulf flows to normalise one to two months after reopening, though refilling depleted reserves and stocks could keep upward pressure on prices; US crude fell to $101.38 and Brent to $108.
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