Chevron CEO Mike Wirth stated on Friday, September 11, 2026, that global oil buffers intended to mitigate crude price increases have been depleted. Speaking at an energy conference at the University of Texas at Austin, Wirth said the depletion of these reserves, combined with the ongoing war in Iran, could cause oil prices to rise further over the next few months.
Since the conflict began in late February 2026, countries have released crude stockpiles into the market. Additionally, the U.S. government eased restrictions on oil stored on ships at sea from countries currently under sanctions. Wirth characterized these measures as having been "played out," leaving little room for price relief.
The energy market is currently facing supply pressures, including the Iran conflict and Ukrainian drone attacks on Russian refineries in the Black Sea. The average price of U.S. diesel reached a record $6 per gallon on Thursday, September 10, 2026. Brent crude futures were also on track for an 8% gain for the week ending September 11.
Wirth also provided updates on Chevron’s international operations, noting that the company has seen fewer impacts on its Kazakhstan interests, including the Tengiz oilfield and the Caspian Pipeline Consortium, following U.S. administration discussions with Ukraine regarding infrastructure attacks. Regarding South America, Wirth stated Chevron will fund a $7 billion expansion in Venezuela using cash generated by its three existing joint ventures there, rather than external capital.
Future geopolitical instability may result in more immediate price spikes, as there is no longer a substantial cushion to release. Chevron aims to more than double its Venezuelan output to about 600,000 barrels per day by 2031. A Russian official is scheduled to attend a G20 energy meeting in Houston next week.