ExxonMobil executives believe global oil markets could remain tight for another three to five years, largely because of a lack of investment since the pandemic began, Bloomberg reports.
It’s going to take time for oil firms to “catch up” on the investments needed to ensure there’s enough supply, CEO Darren Woods said at the Qatar Economic Forum today.
Oil prices have soared almost 50% this year to around $110 a barrel, mainly because of the fallout from Russia’s invasion of Ukraine. That further squeezed a market struggling to raise production fast enough to cope with economies recovering from the pandemic.
Qatar, which hosted the event, is among the world’s largest exporters of liquefied natural gas and one of few nations that can substantially replace Russian gas supplies to Europe. Read the full story.