Big Oil chiefs say crude prices could climb to $100 a barrel
The CEOs of some of the world’s biggest oil companies, speaking at the Qatar Economic Forum, said crude prices are likely to keep rising due to a lack of investment.
The bosses of some of the world’s biggest oil companies said crude prices are likely to keep rising because a lack of investment will curtail future supply.
The chief executive officers of Royal Dutch Shell Plc and TotalEnergies SE joined major commodity traders and banks in predicting that oil could go as high as $100 a barrel, although they also said volatile markets could drive prices back down again.
The lack of investment is “going to exacerbate supply and demand tightness as the economies pick back up again, and then in time we’ll see supply pick up and rebalance,” Exxon Mobil Corp. CEO Darren Woods said at the Qatar Economic Forum Tuesday. But “in the shorter term probably higher prices” are more likely.