(p. B1) The leaders of the world’s largest oil companies said Monday [Dec. 6, 2021] that demand for the products they make will remain robust for years to come even as the world attempts to transition to lower-carbon energy sources.
The chief executives of Exxon Mobil Corp., Chevron Corp. and Saudi Arabian Oil Co., speaking at the World Petroleum Congress in Houston, said that while the world needs to address the risks posed by climate change, global economies cannot function without fossil fuels.
“Oil and gas continue to play a central role in meeting the world’s energy needs, and we play an essential role in delivering them in a lower carbon way,” Chevron CEO Mike Wirth said Monday. “Our products make the world run.”
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(p. B2) Jeff Miller, chief executive of Halliburton Co., said Monday that the world’s underinvestment in oil and gas since 2014—years in which international spending was 50% below historical norms—is leading global markets to an era of scarcity.
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Just a few weeks ago, some market observers had predicted crude prices could soon hit $100 a barrel for the first time in seven years, on the back of a strengthening demand recovery and sluggish growth in oil supplies.
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(Note: the online version of the story was updated Dec. 6, 2021, and has the title “Demand for Oil, Gas to Remain Robust for Years, Energy Leaders Say.”)