Chevron: energy system more vulnerable
The CEO of Chevron, Mike Wirth, has issued a warning about the decline in global oil and fuel reserves due to the ongoing war between the United States, Israel, and Iran for the eighth month. This situation has weakened the energy system's ability to cope with supply shortages and has increased price sensitivity. He explained that the decrease in reserves raises the level of risk in the markets, while the company is negotiating with the Iraqi government regarding the development of the West Qurna field and the possibility of participating in a pipeline project to transport oil to the Mediterranean. Such a pipeline could provide an alternative route for Iraq's exports and reduce dependence on traditional channels amid increasing challenges.
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