Chevron CEO Cautions Against Diesel Export Ban Amid Supply Fears

Mike Wirth, chief executive of Chevron, urged the Trump administration on Wednesday to reconsider its stance on a potential ban of diesel exports, arguing the measure could destabilize energy markets further. Speaking on CNBC’s “Squawk Box Europe,” Wirth labeled such a move “unwise” given the United States’ role as a dependable global energy provider.

“The U.S. has been a reliable supplier to the world at a time when it needs it,” Wirth said. He cautioned that restricting exports would erode trust among international allies and partners who rely on consistent American energy supplies during crises. Instead, he suggested there are alternative strategies to address supply concerns without resorting to export bans.

The executive’s remarks come amid heightened volatility in global energy markets. While recent increases in crude exports from the Middle East and an emergency release of stockpiles by G7 nations have provided some relief, tensions remain high due to ongoing attacks between Saudi Arabia and Iran-backed Houthi forces.

Complicating matters further is the impact of the U.S.-Iran conflict, which has severely disrupted shipping through the Strait of Hormuz. This narrow waterway typically handles approximately 20% of the world’s oil and liquefied natural gas, and the disruptions have sent shockwaves through the global economy. Amin Nasser, CEO of Saudi Aramco, recently estimated that rebuilding global oil inventories could take up to two years, warning that conditions may deteriorate further if the conflict persists.