Oil turbulence could last five years, ExxonMobil boss warns
Consumers must be prepared to endure up to five years of turbulent oil markets, the head of ExxonMobil (XOM) said Tuesday, citing under-investment and the coronavirus pandemic.
Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions while Europe has announced plans to wean itself off dependency on Russian fossil fuels in coming years.
Speaking ahead of ExxonMobil’s unveiling as the fourth international partner for Qatar’s natural gas expansion, chairman and chief executive Darren Woods said major uncertainty lies ahead.
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As part of the Gulf state’s response, Kuwait was starting its first offshore oil exploration and building the world’s biggest oil refinery.
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The new refinery would come online by the end of 2022, Sabah added.
“It will be the largest refinery in the world at 615,000 barrels of oil a day capacity,” he said adding that it would help meet increased demand from Europe and elsewhere.
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https://news.yahoo.com/oil-turbulence-could-last-five-115044…
Desert (XOM, CVX, T, BNS, BKH, ED, ATGFF, NI, NWN, TRP, ENB, WRE, WGL, XEL, DUK, SO & KO) Dave