Exxon Mobil (XOM) is projecting oil prices to shoot up once again in the coming weeks when inventories reach record low levels, the company's senior vice president Neil Chapman said Thursday, according to a FactSet transcript.

Oil prices have remained in the range of $90 to $110 in the past weeks due to existing inventories of the resource being used up, as well as sanctioned crude from countries such as Russia and Venezuela reaching the market, the executive said at the Bernstein Strategic Decisions Conference in New York City.

Once the critical level of oil inventory is reached in two or three weeks, the price of physical Brent oil cargoes could jump to about $150 to $160 per barrel, Chapman said.

"When the price gets to a certain level, demand destruction brings it back into balance," the executive added.