EXXON DOESN'T SEE
REUTERS wrote, the world is developing enough oil resources to avoid a big supply crunch in the next few years, the boss of Exxon Mobil said on Wednesday, adding he saw no major further declines in U.S. oil output either.
"I don't necessarily have the view that we are setting ourselves up for a big crunch within the next 3, 4, 5 years," CEO Rex Tillerson told the Oil & Money conference.
Many oil executives have said the decline in investment over the past two years was so steep that the world would soon face a shortage of supply.
U.S. oil production was one of the hardest hit in recent years but Tillerson said the declines might be coming to an end as there is a large number of uncompleted wells that could be brought onstream to help sustain U.S. output.
He also said that because of abundant global supply it was difficult for him to see a big price spike in the next few years.
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Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.
Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.
Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.
Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years