Oil executives warn inventories near minimum operating levels

ExxonMobil's Neil Chapman told an industry conference that global oil inventories are approaching "unheard-of levels" and warned prices will "shoot up" once stockpiles hit minimums in two to three weeks. Cushing, Oklahoma inventories fell from 33 million barrels to 24.5 million, close to the 20 million operational floor, while the US has drawn 50 million barrels from strategic reserves since the Iran war began. Goldman Sachs warns inventories are "crashing" to eight-year lows as the system moves from comfortable surplus to no cushion, meaning further shocks could trigger immediate price spikes without the market's usual shock absorbers.