Chevron CEO Wirth Says Oil Price Could Stimulate More Us Production Growth Depending On Length Of Conflict; There Is Tightness In Energy Market Due To Closure Of Strait Of Hormuz That Is Not Fully Priced In To Forward Curve; It Is Uncertain How Quickly Shut-in Production In Middle East Can Come Back, 'It Will Take Time To Come Out Of This'

Chevron CEO Mike Wirth indicated that oil prices could encourage increased U.S. production growth, contingent on the duration of ongoing conflicts affecting the market. He noted a tightness in the energy market due to the closure of the Strait of Hormuz, which is not fully reflected in the forward pricing curve. Wirth also expressed uncertainty regarding the speed at which shut-in production in the Middle East can resume, stating that recovery will take time.