Chevron’s Mike Wirth sees oil prices getting “close” to reaching the $100-a-barrel level, the chief executive of the No. 2 US energy producer said in an interview on Bloomberg TV.

“Supply is tightening, inventories are drawing … the trends would suggest, we are certainly on our way, we are getting close (to $100/bbl),” Wirth said on Monday.

Major producers Saudi Arabia and Russia have extended supply cuts to the fourth quarter, boosting oil prices to the highest level of 2023 on the prospects of a deficit as OPEC+ members continue to curb output.

Wirth said he sees some impact from higher oil prices on the US and global economy, but underlying drivers remain healthy.

“It’s a drag on the economy, but one that thus far the economy has been able to tolerate.”

Brent crude futuresrose 50 cents, or 5%, to $94.43 a barrel on Monday while US West Texas Intermediate crude futuressettled up 71 cents, 0.8%, at $91.48.