Exxon Mobil warns inventories may slump, crude could reach $150-$160

Business May 29, 2026

Exxon Mobil just sounded the alarm: global oil inventories might fall to record lows soon, which could send crude prices soaring to $150 to $160 per barrel.

Neil Chapman, a top executive at Exxon, said at a recent conference, "We're approaching unheard of inventory levels."

If storage keeps dropping, expect a price jump, Chapman explained. That's how the market balances things out.

Oil dips after 60-day U.S.-Iran cease-fire

Despite Exxon's warning, oil prices have actually dipped lately after news of a 60-day cease-fire extension between the US and Iran.

Brent crude is around $93 and US oil is about $88, down 18% this month.

Still, Chapman thinks this drop might not last if inventories keep shrinking.