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Hess sees tight oil market in near term, underinvestment risk ahead

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MELBOURNE :Hess Corp sees oil markets remaining tight in the short term and supporting strong prices as demand recovers more quickly than supply post-pandemic with U.S. shale producers holding back capital spending, its president said on Monday.The oil producer expects a V-shaped recovery in demand and a U-sh

MELBOURNE :Hess Corp sees oil markets remaining tight in the short term and supporting strong prices as demand recovers more quickly than supply post-pandemic with U.S. shale producers holding back capital spending, its president said on Monday.

Global demand is seen climbing to 100 million barrels per day by the end of 2021 or in the first quarter of 2022 and rising further to around 102 million bpd next year from 98 million bpd currently, he added. The biggest wildcard is global upstream oil investment, which has slumped from US$650 billion before the COVID-19 pandemic to around US$300 billion.

 

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