Overview

• Chevron CEO Mike Wirth stated there are no signs of an imminent U.S. recession, though growth appears to be slowing.
• U.S. crude oil prices have dropped approximately 11% since President Trump announced global tariffs on April 2, now hovering just above $63 per barrel.
• The International Monetary Fund has revised its U.S. growth forecast for 2025 downward to 1.8%, citing trade tensions and economic uncertainty.
• Chevron is maintaining its capital expenditure plans despite lower oil prices but is monitoring potential pullbacks in U.S. onshore production if prices fall to $60 per barrel.
• Wirth noted that while energy products are largely exempt from tariffs, broader macroeconomic effects could influence demand and global trade.