The chief executive of Chevron has warned that the global oil market is edging toward real supply shortages, with Asian economies likely to feel the pressure first due to their heavy reliance on Middle Eastern crude.

Speaking at an industry event and quoted by Reuters, Mike Wirth said oil demand is beginning to outstrip available supply, adding that some economies may have to slow down as a result. He noted that the strain is already visible in tightening inventories and shifting trade flows.

The crisis in the Middle East has forced major oil importers to look for alternative sources. Japan has resumed crude purchases from Russia’s Sakhalin region after a long break, while U.S. crude exports have climbed to record levels this month. Despite this, global oil stockpiles are being depleted quickly.

Wirth pointed out that Asian countries are particularly exposed because of their dependence on oil and gas from the Gulf. Nations such as Japan source most of their crude from the region, leaving them vulnerable to prolonged disruptions.

Analysts at Goldman Sachs had earlier warned that global oil inventories had fallen to historic lows amid the scramble for supply. The bank said the decline in stockpiles would likely continue even if the conflict ended quickly. With tensions persisting into May, the drawdown is expected to deepen despite rising U.S. exports.

The scale of the disruption is substantial. More than 13 million barrels per day of crude production from Middle Eastern producers has reportedly been lost. When refined products are included, export losses are estimated to be far higher.

The head of the International Energy Agency, Fatih Birol, previously said combined crude and refined product exports from the region had dropped by roughly 20 million barrels per day at the height of the disruption.

The warning was highlighted in a report by Oilprice.com, underscoring growing concerns that supply constraints could begin to affect economic activity, not just prices.