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Triple-digit oil prices are possible in the next few months as geopolitical risks and “struggling” supply hit global crude markets, said Chevron Corp.’s top executive.
Demand for petroleum is growing faster than production as the world transitions away from the worst of the pandemic, Chief Executive Officer Mike Wirth said Friday on Bloomberg TV. But in contrast to recent years, international politics, such as Russia’s military build-up near Ukraine, are also starting to spook markets, he said.
“A few years ago these types of events didn’t seem to really impact commodity markets, and today they seem to be doing so,” he said. Oil priced at “$100 is certainly within the realm of what we could see in the next few months.”
Brent crude traded up 1.7% to $90.83 a barrel at 10:58 a.m. in New York, close to a seven-year high.
But sky-high oil prices won’t last indefinitely, Wirth said after the company reported fourth-quarter earnings. “Longer term we think markets rebalance and prices will moderate.”
