Chevron chief warns a U.S. diesel export ban could worsen global shortages

Mike Wirth, chief executive of Chevron, warned that a U.S. diesel export ban would exacerbate an already fragile global fuel market, saying it would remove supply from world markets and erode confidence in U.S. reliability. He highlighted that global diesel inventories have fallen sharply from the high levels at the start of the year, leaving the system vulnerable to disruption. The president has retreated from the ban idea after G7 partners agreed to tap emergency reserves, and he signed an order allowing limited use of red-dyed diesel for farmers and truckers.

Business groups such as the U.S. Chamber of Commerce and the American Petroleum Institute, along with Energy Secretary Chris Wright, have warned the ban would tighten supplies and raise costs. Economists caution that a full ban could push U.K. inflation toward 5%, while Saudi Aramco’s CEO warned that rebuilding oil inventories could take up to two years.