Chevron CEO warns of global oil shortages
Oil giant chief Mike Wirth said physical shortages in oil supply are likely to begin appearing worldwide due to the closure of the Strait of Hormuz, a key route for global energy flows.
Speaking at an event hosted by the Milken Institute, Wirth said about 20% of global crude supply normally passes through the strait.
He warned that economies would begin to contract as supply constraints take hold, with Asia expected to be affected first as demand adjusts to reduced flows.
