Oil market will face supply shortage by end of 2025, Occidental CEO says
Publishing timestamp: 2024-02-05 14:53:20
Summary
Occidental CEO Vicki Hollub predicts that the oil market will face a supply shortage by the end of 2025 due to the world's failure to replace crude reserves fast enough. She highlights that 97% of oil produced today was discovered in the 20th century and less than 50% of crude produced over the last decade has been replaced. Currently, the market is oversupplied, but Hollub believes that the supply and demand outlook will flip by 2025. OPEC is forecasting global oil demand to outstrip crude production growth, leading to a potential supply deficit.
Sentiment: MIXED
Keywords: business news, ice brent crude (apr'23), opec, energy, oil and gas, wti crude (mar'23), occidental petroleum corp, business,