Exxon Mobil warned that global oil inventories could fall to record lows within weeks, potentially triggering a sharp surge in crude prices, CNBC reported.

Speaking at a Bernstein conference in New York, Exxon Senior Vice President Neil Chapman said physical Brent crude cargoes could rise to $150-$160 per barrel once stockpiles reach historic lows.

Chapman said inventories have cushioned the impact of disruptions caused by Iran’s closure of the Strait of Hormuz, which the International Energy Agency estimates has removed more than 1 billion barrels from the market.

The IEA previously warned inventories are being depleted at a record pace despite coordinated releases from strategic reserves.

Read more at CNBC.