What did Chevron CEO Mike Wirth say about the depletion of crude oil buffers and its implication for future oil prices?

Chevron CEO Mike Wirth stated that the oil buffers—which had previously limited crude price increases early in the Iran war—have now been 'played out,' meaning they are depleted; as a result, he warned it is 'harder to envision a scenario where prices soften and quickly' and that 'the risks remain to the upside over the next few months.'

How is Chevron financing its $7 billion expansion investment in Venezuela, and what output target does it aim to achieve by 2031?

Wirth said Chevron will fund its planned $7 billion investment to expand in Venezuela entirely with cash generated by its three existing joint ventures in the country—'not bring[ing] in cash from the outside'—and aims to more than double output to about 600,000 barrels per day by 2031 following new contract terms signed with the Venezuelan government.

Chevron CEO Warns Depleted Crude Buffers May Drive Higher Prices

Sep 11, 2026

Chevron CEO Mike Wirth warned that depleted oil stockpiles amid geopolitical conflicts could drive crude prices higher soon, while the company plans a $7 billion Venezuela expansion funded internally.

reuters

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