Exxon Mobil (XOM) CEO Predicts Higher Oil Prices Amid Iran Conflict
Published on Β· Source: cnbc.com
AI Summary
Summarized by AI from the source belowExxon Mobil CEO Darren Woods stated that the oil market has not yet absorbed the full impact of the disruption caused by the Iran war and the closure of the Strait of Hormuz. U.S. crude oil fell over 3% to $101.38 per barrel, while Brent was down about 2% to $108. Woods warned of a potential decline of 750,000 barrels per day in Exxon's production compared to 2025 if the strait remains closed. Approximately 15% of Exxon's total production is affected, and Woods anticipates that demand for oil will rise as strategic reserves deplete, which could further drive up prices.
Informational only, not financial advice. Content is AI-generated and may contain errors. How this works.
About Exxon Mobil Corporation (XOM)
Exxon Mobil is one of the largest publicly traded oil and gas companies, integrated across exploration, refining, and chemicals.
The Energy sector covers oil, gas and energy-equipment companies sensitive to commodity prices.
Earlier XOM news
- Exxon (XOM) and Chevron (CVX) Q1 Earnings Decline Amid War Impact
- Oil Futures Rise After Middle East Events Impact Prices
- S&P 500, Nasdaq, Dow fall amid US-Iran tensions affecting markets
- Oil Jumps Amid Mideast Tensions, Stocks Wobble 2023
- Delta Air Lines (DAL) Stock Moves in Premarket Trading
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