ExxonMobil Warns of Sharp Energy Price Surge Amid Inventory Depletion | 2026 - News and Statistics

May 30, 2026 Senior Vice President of ExxonMobil Neil Chapman issued a warning that energy prices could rise sharply in the near future, on the same day the company's board approved moving its corporate structure from New Jersey to Texas.

ExxonMobil Warns of Sharp Energy Price Surge Amid Inventory Depletion | 2026 - News and Statistics. May 30, 2026 Senior Vice President of ExxonMobil Neil Chapman issued a warning that energy prices could rise sharply in the near future, on the same day the company's board approved moving its corporate structure from New Jersey to Texas. Speaking at the Bernstein Conference in New York on a Thursday, Chapman stated that crude oil prices could reach $160 per barrel in the coming weeks as reserve inventories reach their lowest point. He described current inventory levels as unprecedented and very low, noting that once those low levels are hit, prices will surge. Chapman attributed the recent period of lower prices to the release of strategic petroleum reserves by multiple Western nations. Chapman explained that commercial inventories of crud...