“We look at a long term view really on supply and demand, and we don’t overlay these shorter term phenomena into our thinking about price and the things that drive investment,” Chevron CEO Michael Wirth said following last week’s U.S. airstrike.
Chairman and CEO Michael Wirth does not anticipate significantly higher oil prices from increased Iran-U.S. tensions.
"Fundamentally supply and demand remain where they were before these incidents," he said Tuesday on CNBC'sfrom the Goldman Sachs energy conference in Miami Beach, Florida. "We haven't seen anything that's actually changed that ... Fundamentally markets, while they see the geopolitical risk, I think we've been in a well supplied market for some period of time here, and that's generally what the view continues to be at this point.
He noted that following September's drone attacks on Saudi Arabia's oil facilities in Abqaiq and Khurais, which took an estimated 5.7 million barrels of oil offline, oil prices initially spiked before returning to their pre-attack levels within weeks. This time around, no production was impacted. "This event while certainly newsworthy, didn't fundamentally strike energy infrastructure or change the supply and demand dynamics in the market," he said, before adding that it's a "reminder of the risk that exists in our business."Iran's top commander Qasem SoleimaniOn Monday a Chevron spokesperson said that the company pulled some employees from Northern Iraq as a precautionary measure.
"We don't have a big operation in Iraq," he said, adding that as the "situation clarifies itself" people will return. The company's facilities in the country are in the early phases of development, and not yet producing.
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