The U.S. Treasury Department sanctioned the new authority established to oversee transit through the Strait of Hormuz.

Mike Wirth predicts that June and July will be critical months for global oil inventories as they are being steadily drawn down.

Mike Wirth believes oil prices are not higher because the market psychology is that the conflict affecting the Strait of Hormuz is closer to ending than beginning.

The closure of the Strait of Hormuz has cut off 20% of the world's energy production for nearly 100 days, removing one billion barrels from the market.

The UAE sanctioned a pipeline project last year to transport more of its oil production to Fujairah, bypassing the Strait of Hormuz, and the project is now 50% complete.

Chevron will not consider paying a toll for transit through the Strait of Hormuz.

Multiple unreported attacks have occurred on vessels transiting near the Strait of Hormuz.

Chevron is currently operating in Venezuela under a US Treasury-approved system to recover debt owed by Venezuela's state-owned oil company.

Chevron's oil production is expected to grow by 7% to 10% this year.

Chevron will not commit new investment capital to Venezuela until the government provides clarity on the fiscal regime, including taxes and royalties.