Exxon Mobile Officer Warns of 'Really Low Levels' of Global Oil Inventory

Exxon Mobil’s senior vice president told a NYC conference on May 28 that oil inventories monitored by his company were getting near record low levels —"demand destruction” and price-spike levels—for oil products worldwide, although varying by country. “We’re approaching unheard of inventory levels,” said Exxon Senior Vice President Neil Chapman at a conference hosted by Bernstein in New York. “I mean really, really low levels. You can debate whether that’s going to hit—those really low levels—in two weeks or three weeks. Once you get to that point, then you’ll see prices shoot up.”