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Chevron CEO says economies 'are going to have to slow' as Strait of Hormuz closure disrupts oil supply
Chevron CEO Mike Wirth on Monday said that shortages in the oil supply chain will start appearing around the world because of the closure of the Strait of Hormuz amid the Iran war.Wirth made the comments during a discussion at the Milken Institute's Global Conference about global economic growth and said that economies in Asia will be the first to shrink as demand adjusts to the disruption of oil supplies."We will start to see physical shortages," Wirth said, adding that surplus supply in commercial markets, tankers in so-called shadow fleets avoiding sanctions, and national strategic reserves...1 week ago
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