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Story by Spencer Kimball

• Oil inventories will hit "really, really low levels" in the coming weeks due to the Middle East conflict, said Exxon Mobil executive Neil Chapman.
• This will force the price of oil to shoot higher, Chapman said.
• Crude oil futures prices are below $100 right now as the market hopes for a U.S.-Iran deal.

Exxon Mobil warned Thursday that oil inventories will fall to record low levels in coming weeks, forcing prices to spike and curbing demand.

"We're approaching unheard of inventory levels," said Exxon Senior Vice President Neil Chapman at a conference hosted by Bernstein in New York.

"I mean really, really low levels," Chapman warned. "You can debate whether that's going to hit, those really low levels, in two weeks or three weeks. Once you get to that point, then you'll see price shoot up."

The price of physical Brent oil cargoes will spike to $150 to $160 per barrel when inventories hit all-time lows in coming weeks, the executive said. "When the price gets to a certain level, demand destruction brings it back into balance," he said.

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