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Chevron CFO Sees Oil Slump Persisting Into 2026 on Ample Supply

Business & Policy
November 1, 2025

Chevron Corp. Chief Financial Officer Eimear Bonner said there’s a risk the oil-price slump persists into next year amid robust output from OPEC+ members and non-aligned nations.

“There’s been some OPEC+ unwinds and growth also in non-OPEC supplies,” Bonner said during an interview. “We potentially could see some pressure continue this year and into 2026.”

Rising supplies from the Organization of Petroleum Exporting Countries and its allies have combined with production growth in Guyana, Brazil, Canada and the US to drive international crude prices down almost 13% this year. Analysts are predicting a slowdown in supply growth as 2026 progresses, setting the stage for a potential price rebound.

“We are still very constructive when we think about the outlook for oil and gas over the long term,” Bonner said. “Eventually supply and demand will come into balance.”