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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.

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Reporting by Erwin Seba; Editing by Nia Williams