Chevron CEO Warns of Oil Shortages from Hormuz Closure
Chevron CEO Mike Wirth says the Strait of Hormuz closure will cause global oil shortages. Asian economies face contraction as 20% of crude supply is halted.
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CHEVRON CORP Chairman and CEO Mike Wirth said that physical shortages of Brent Crude Oil will emerge globally. The shortages follow the closure of the Strait of Hormuz, a transit point for 20% of global oil supply. Wirth expects shrinking economies, beginning in Asia, as demand adjusts to the supply vacuum created by regional conflict.
