Trending News: California Threatens to Sue Trump Administration Over Offshore Wind CancellationTrump Administration, Qatar Say EU Methane Rules Threaten Energy SecurityVideo | The role of connected devices in modern hospital gas systemsPoland bank invests €25m in pan-European biomethane fundStegra closes $1.4bn rescue package for green hydrogen-based steel plantTanker Owners Are Having the Best Week of the Hormuz CrisisPemex Wants Petrobras’ Deepwater MagicAsian Demand for Mideast Oil Slows after SplurgeTankers Emerge from Dark Mode amid Tentative Hormuz ReopeningNovak: Russia Considers Complete Ban on Diesel ExportsEurope’s Top Gas Distributor to Invest $14.8 Billion in AI-Backed NetworksTrump Insists Iran Has Agreed to Nuclear InspectionsWill US and International Sanctions on Iran be Lifted?US Supreme Court Boosts Exxon’s Bid to Get Compensation from CubaUS Natural Gas Drops on Cooler Outlooks, New Pipeline CapacityTrump Administration to Slash Oil-Drilling Bond Amount by 95%India Boosts U.S. LPG Imports to Record HighIran Moves to Tap Key Asian Markets as U.S. Waives Oil SanctionsIran Says U.S. Agreed to Unblock $12 Billion in Frozen FundsIOC’s Tanker Tender Comes Up Empty as Hormuz Risk LingersEurope’s Battery Storage Installations Set to Quadruple by 2030Tankers Emerge from Dark Mode amid Tentative Hormuz ReopeningTankers Emerge fromBallard’s GeoPura buy marks business model shift from hydrogen equipment sellerPosco opens rare gas plant for South Korean semiconductor marketOil Steady as Investors Focus on Hormuz Flows After Peace TalksUS Gasoline Prices Tumble for Sixth Straight WeekNatPower, Tesla Reach Deal on First Phase of $5 Billion Battery Storage PlanFirst biogenic CO2 rolls out of Denmark biogas CCS facilityBallard to acquire UK stationary hydrogen power firm GeoPuraBallard to acquire UK stationary hydrogen power firm GeoPuraEWE approved to connect 320MW facility to German hydrogen backboneLinde Malaysia files $5.7m claim against Lion SteelIran Quickly Pursues Top Oil Importers after US WaiverTop Stories Of The Day: Global Solar Capacity Tops 3 TW -India Ranks Second; GUVNL Launches 450 MW/900 MWh BESS Tender; GERC Proposes New Green Energy Banking Charges and More…Analysis: Will another Prime Minister help or hinder UK hydrogen?Digital twins gain traction as industry seeks efficiency and emissions cutsWeek in Africa: South Africa Speeds Up RE Curtailment Claims; AfDB Approves US$100M for West Africa Renewables; Zambia Signs PPA for 500 MW Solar Project and More…EBRD Vice President Mark Bowman To Visit Morocco To Strengthen Investment, Economic Cooperation & Green DevelopmentSaudis Turn to Russian Fuel Oil as Iran War Saps Fossil Power SuppliesGreek Energy Pulls In $26B As Europe Scrambles To Replace Russian GasOil Prices Continue to Slide as Peace Talks ProgressUK Has Enough Electricity for Winter Despite Energy Market TurmoilEurope’s EV Boom Accelerates as Chinese Brands Gain GroundGreen Energy Stocks Slide As Sensex And Nifty Extend Losses On June 23Google and Energy Dome launch 23MW CO2 battery project in IrelandSolarPower Europe Reports Record 36 GWh Battery Storage Installations Across Europe In 2025Channel ETS revenues into sustainable fuels urge shipping and aviation bodiesNippon Sanso Matheson starts up new California ASULinde joint venture to showcase cryo solutions at Taiwan food tech eventNippon to raise helium prices ‘over 30% in Japan’Video | The environmental and safety risks of poor medical gas managementItalian gas operator to supply hydrogen blends to 220 gas end-usersSafety in the spotlight after ‘devastating day’ at Ras LaffanIneratec gains RFBNO certification for German green hydrogen e-fuels plantU.S. Airlines Set To Pocket $40 Billion As Jet Fuel Prices CrashExxonMobil Announces Planned Effective Date for Move to TexasOil Stocks in US Strategic Petroleum Reserve Fall to Lowest Since 1983US Proposes to Slash Costs for Energy Drillers on Federal LandsCold hydraulic tests under way at Turkey’s Akkuyu 1Fusion supply chain spend up, but challenges remainMajor component milestone for Indian reactorHeatwave, Hormuz Threats and Qatar Blast Push European Gas Prices HigherChinese Grid Operators Resist Plans to Boost Renewables to Power AITalks Between Iran and US Concluded Successfully, Pakistan PM SaysIran Gets Oil Trading Respite from USBig Business Urges Faster ElectrificationAnalysts Warn China’s Oil Demand May Never Fully RecoverExplosion at Qatar’s Ras Laffan LNG Injures DozensIndia’s Imports of Russian Oil Set for New Record HighKuwait Offers Gulf Oil Loadings as Producers Seek Hormuz OutletIran’s Oil Exports Through Hormuz Hit Wartime HighChina Builds New LNG Hub as Russian Imports SurgeKeeping things cool and clean on National HVAC Tech DayAxpo expands maritime bio-LNG supply in the MediterraneanDNV publishes framework for onboard CCSe-SAF producer builds Icelandic demo plant ahead-of-schedulee-SAF producer builds Icelandic demo plant ahead-of-scheduleOil Falls After US-Iran Talks Signal Easing Supply RisksUS Energy Firms Add Rigs for Eighth Time in Nine Weeks, Says Baker HughesMicrosoft and Chevron Sign 20-Year Power Deal For Texas Data CenterPERSPECTIVE: Are Backyard Data Centers an Answer to AI’s Biggest Problem?Update: What we now know about the QatarEnergy gas facility explosionUpdate: What we now know about the QatarEnergy gas facility explosionGermany backs Ecopetrol studies for Colombian green hydrogen e-SAF pilotGermany backs Ecopetrol studies for Colombian green hydrogen e-SAF pilotAnalysis: Have we reached a tipping point with low-carbon cement?Analysis: Have we reached a tipping point with low-carbon cement?Europe needs dozens more CO2 carriers and ports by 2050 to meet CCUS goalsEurope needs dozens more CO2 carriers and ports by 2050 to meet CCUS goalsRanjan Kumar Roy Chowdhury, Managing Director & CEO, Abja Power Private Limited, Honoured with CEO of the Year Award at Telangana Energy Excellence Awards 2026Ambuja explores large-scale carbon capture at Indian cement plantAmbuja explores large-scale carbon capture at Indian cement plantDaimler hydrogen ICE truck to launch in 2027 under Keyou partnershipDaimler hydrogen ICE truck to launch in 2027 under Keyou partnershipGreen Energy Stock: Renewable Energy Stocks Shine As Green Sector Leads Market Gains On June 22Ember: India Needs 10 GWh of Battery Storage to Prevent Renewable Energy Curtailment Caused by Coal Plant InflexibilityWeekly Tech Newsletter | Smart Solar, Energy Storage, Cable Technologies & Future Grids and More…Resonia Wins Major ISTS Transmission Project in Telangana to Evacuate 3 GW Renewable Energy from Kurnool REZJordan Green Ammonia Secures Land For $1 Billion Green Fuel Project Near Aqaba PortIran Says Stride Made with US after Talks Began

Chevron CEO Says Physical Shortages in Oil Supply to Begin Appearing

Business & Policy
May 5, 2026

(Reuters) – Chevron Chairman and CEO Mike Wirth said on Monday that physical shortages in oil supply would begin appearing around the world because of the closure of the Strait of Hormuz, through which 20% of global crude supply passes.

Economies will begin shrinking, first in Asia, as demand adjusts to meet supply while the strait remains closed because of the U.S.-Israeli war with Iran, Wirth said during a discussion sponsored by the Milken Institute.

Get the Latest US Focused Energy News Delivered to You! It’s FREE:

Reporting by Erwin Seba; Editing by Nia Williams