9/17/2019, 2:35 AM (Source: TeleTrader)
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Chart for: Chevron Corporation

Chevron CEO: Aramco attack showcases risks to oil market

The drone attacks on two of Saudi Aramco's key oil facilities demonstrate the risks the crude market faces, Chevron Chief Executive Michael Wirth told CNBC.

"Perhaps the market had grown a little bit comfortable with risks that we never became comfortable with. These events demonstrate that those risks are real," he explained, adding that while "you can never predict when an event like this might occur, you always need to be prepared."

During the interview, Wirth also stated that he believes a full-scale war in the Middle East would lead to a surge in crude prices, however, "everybody hopes to avoid something like that and I’m not privy to anything of that thinking."

Breaking the News / JC