LogIn LogOut

Oil May Hit $100 but Volatility Will Grow, Say Energy CEOs

June 22, 2021

© igorkol_ter / Adobe Stock
© igorkol_ter / Adobe Stock

Benchmark oil prices could hit $100 a barrel and price volatility could also grow due to lower investments and the energy transition, the heads of top energy companies said on Tuesday.

"There is quite a chance to reach $100 but we could see again in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive Patrick Pouyanne said at the Qatar Economic Forum.

Crude prices climbed on Tuesday to a more than two-year high above $75 a barrel.

"We're probably going to see both $50 and $100 oil, don't ask me about sequence though," Royal Dutch Shell CEO Ben van Beurden told the event.

Exxon Mobil CEO Darren Wood said, "Coming out of the pandemic and the lack of investment in our industry, I think it's going to exacerbate the supply and demand tightness as the economy's pick back up again."

Wood added: "And then with time we'll see supply pickup and rebalance so we'll see both of those but in the shorter term probably higher prices."

(Reporting by Ron Bousso, Julia Payne and Rania El Gamal; Editing by Edmund Blair)

Categories: Energy Oil Oil Price


Current News

PHOTO: Offshore Wind Blade for MingYang's 11MW Turbine Rolls of Production Line

PHOTO: Offshore Wind Blade for MingYang's 11MW Turbine Rolls of Production Line

Petrofac Brings Online East Cendor Offshore Field in Malaysia

Petrofac Brings Online East Cendor Offshore Field in Malaysia

Pharos Wraps Seismic Survey Off Vietnam. Eyes Drilling Partner

Pharos Wraps Seismic Survey Off Vietnam. Eyes Drilling Partner

Kent Acquires Majority of SNC-Lavalin's Oil and Gas Business

Kent Acquires Majority of SNC-Lavalin's Oil and Gas Business

Singapore LNG Wants to Extract Chemicals from LNG

Singapore LNG Wants to Extract Chemicals from LNG

Siem Offshore's Anchor Handler Secures Charter Extension in Australia

Siem Offshore's Anchor Handler Secures Charter Extension in Australia

Shell, Petronas Carigali, Petros Get Hold of Offshore Block in Sarawak, Malaysia

Shell, Petronas Carigali, Petros Get Hold of Offshore Block in Sarawak, Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com