Chevron chairman and CEO Mike Wirth spoke in a US TV interview, CNBC, on Monday.
He pithily wrapped up what's driving the price higher:
- We’ve seen a global economy that is continuing to do pretty well.
- We’ve seen some production cutbacks in some of the OPEC countries come on top of a market that was already showing some tightening
- It’s fundamentally supply and demand, and prices have been firming here for a number of weeks
- I think risks remain more to the upside than the downside
Said US oil is going above $100/bbl, higher for non-US oil.
Brent update:
