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Chevron warns of oil depletion
Michael Wirth, the CEO of Chevron, warned that the world is approaching complete exhaustion of its oil and gas reserves, as current stock levels have fallen to critically low levels, making energy markets more vulnerable to future disruptions. He explained that the commercial inventories and emergency reserves, which were high at the beginning of 2026, have been gradually depleted due to withdrawals by companies and governments, threatening to worsen the current crisis in the global fuel market. This has led to diesel prices in the United States reaching record levels above $6.50 per gallon, amid ongoing supply shortages caused by continued production outages in some regions. The International Energy Agency's report projects the deficit could persist until the end of 2027. The Biden administration is seeking to take measures to mitigate the crisis's impacts, such as allowing the temporary use of tax-exempt diesel and lifting sanctions on Russian diesel. However, analysts warn that the current situation could worsen due to limited refining capacity and ongoing supply disruptions.
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