Chevron's CEO Just Said Physical Oil Shortages Are Starting. Here's What That Means for CVX Stock.

The closure of the Strait of Hormuz has created an oil supply shock of epic proportions. Before the war, 20% of global oil supplies moved through that waterway each day. That's now down to a trickle. While some of that oil is now moving through pipelines bypassing the Strait, the global economy is burning through a record of more than 10 million barrels per day from global stockpiles. We've already lost between 500 million and 1 billion barrels of supply since the war began. That number is growing every day and will soon cause physical oil supply shortages, according to a warning from Chevron (NYSE: CVX) CEO Mike Wirth. Here's what this means for the oil stock. Image source: The Motley Fool.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool