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Oil Market Will Face Supply Shortage by End 2025: Occidental

OIL

The oil market will face a supply shortage by the end of 2025 as the world is not replacing crude reserves fast enough, according to Occidental CEO Vicki Hollub.

  • The market is currently oversupplied, which has limited upside to prices despite the current conflict in the Middle East, Hollub said. There has been record production from the USA, Brazil, Canada, and Guyana and slowing demand in China.
  • However, the supply-and-demand outlook will flip by the end of 2025, Hollub said.
  • The world has replaced less than 50% of the crude produced over the past decade, she said. Around 97% of all oil produced today was discovered in the 20th century.
  • Hollub told CNBC in December that Occidental expects WTI to average around $80 in 2024.
Energy BulletsCommodities
Energy BulletsCommodities

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