Chevron CEO Warns Depleted Buffers Risk Higher Prices
11 sourcesUpdated Sep 11, 2026
Chevron CEO Mike Wirth warned that global oil-market buffers, including commercial inventories, strategic reserves and other emergency measures, have largely been depleted after cushioning the initial effects of the Iran conflict. He said it is increasingly difficult to expect prices to decline quickly and that risks remain tilted higher in the coming months, as supply disruptions from the conflict and Ukrainian attacks on Russian refineries continue. Brent crude has risen sharply and moved above $100 a barrel, while the U.S. average diesel price has exceeded $6 per gallon for the first time. Chevron also plans to invest $7 billion to expand its Venezuelan operations, funding the project with cash generated by its existing ventures there.
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Chevron spending its own cash on the Venezuela expansion makes sense, but it won't fix the tight global supply that the CEO highlighted.
With inventories gone and Iran cuts continuing, prices over 100 for Brent will keep diesel near 6 dollars and strain drivers for months ahead.
