CERAWEEK Chevron CEO says it will take time for energy to recover from Middle East production hit

Chevron CEO Mike Wirth said he is uncertain how quickly shut-in production in the Middle East stemming from the ongoing U.S.-Israel war with Iran will return. That uncertainty raises the risk of tighter crude supply and upward pressure on oil prices, creating sector-level downside/upside swings for E&P producers, refiners and Chevron's near-term production outlook.

Analysis

Chevron CEO Mike Wirth said he is uncertain how quickly shut-in production in the Middle East stemming from the ongoing U.S.-Israel war with Iran will return. That uncertainty raises the risk of tighter crude supply and upward pressure on oil prices, creating sector-level downside/upside swings for E&P producers, refiners and Chevron's near-term production outlook.