Chevron CEO Warns of Emerging Physical Shortages in Crude Oil

Signs of physical shortages in crude oil are emerging, the chief executive of Chevron warned this week, noting that this will first hit Asian economic growth. “We will start to see physical shortages,” Mike Wirth said at an event, as quoted by Reuters. “Demand needs to move to meet supply,” Wirth also said, adding, “Economies are going to have to slow.” The crisis in the Middle East prompted a scramble among energy importers to find alternative supply, with Japan yesterday receiving its first crude shipment from…