# Chevron CEO Mike Wirth says signs of physical shortages in crude oil are emerging.

*business · news · 2026-05-05 · OilPrice*

## Key points

- Chevron CEO Mike Wirth warns that physical crude oil shortages are now emerging globally.
- Japan received its first Russian Sakhalin crude shipment in two years due to Middle East disruptions.
- Global oil inventories have dropped to an all-time low, according to Goldman Sachs analysts.
- Middle Eastern producers have lost over 13 million barrels per day in crude oil output since the conflict began.
- Global oil stock depletion is accelerating despite record-high U.S. oil exports.

**Companies:** Chevron
**Countries:** Japan, Russia, United States

[Read the full story on OilPrice](https://oilprice.com/Latest-Energy-News/World-News/Chevron-CEO-Warns-of-Emerging-Physical-Shortages-in-Crude-Oil.html)

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