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00:03ExxonMobil Sr.
00:05Vice President Neil Chapman warned Thursday that global oil inventories are approaching
00:09record low levels and could reach all-time lows within two to three weeks, according to CNBC.
00:15Speaking at a Bernstein conference in New York, Chapman said physical Brent crude prices will
00:20spike to $150 to $160 per barrel once inventories hit bottom. He said demand destruction will
00:27eventually bring the market back into balance at those elevated prices.
00:31Brent futures closed under $94 per barrel on Thursday. Iran's closure of the Strait of Hormuz
00:37has removed more than a billion barrels from the market, the largest supply disruption in history,
00:42according to the International Energy Agency. Oil industry executives have warned for two months
00:47that crude futures prices do not reflect the true scale of the Middle East war's supply disruption.
00:52For all things money, visit Benzinga.com.
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