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Exxon Mobil's Neil Chapman warns crude could hit $160 as inventories bottom out, while shareholders vote to move the company's legal home to Texas.
ExxonMobil shareholders have approved a plan to relocate the company's legal home from New Jersey to Texas, a decision announced alongside a stark warning from a senior executive that crude oil prices could surge to $160 per barrel. Speaking at the Bernstein Conference in New York, Senior Vice President Neil Chapman stated that dwindling global inventories are approaching "unheard of" lows, which will likely force prices upward in the coming weeks [1].
Key takeaways
Chapman warned that commercial inventories for crude oil and refined products like gasoline, diesel, and jet fuel have run down significantly. He noted that while prices have remained in a range of $90 to $110 recently, this stability is largely due to Western nations releasing strategic petroleum reserves to offset supply shortages [1]. According to Chapman, this mitigation strategy is temporary, and once inventories hit critically low levels, the
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · May 31, 2026 · How we report