Industry
ExxonMobil executive warns oil inventories near bottom, prices could spike in 2 to 3 weeks
A warning has emerged that global crude oil inventories could reach critical levels within weeks. ExxonMobil senior vice president Neil Chapman said the market is approaching unusually low stock levels and that it could take only 2 to 3 weeks for shortages to deliver a real shock. If supply does not recover quickly, Brent crude could surge to around $150 a barrel, with an upper scenario of $160, he said.
