ExxonMobil CEO Darren Woods predicted Tuesday the global oil market will continue to be “tight” for years to come, indicating cost relief at the gas pump is not on the horizon.
Speaking at the Bloomberg Qatar Economic Forum in Doha, Woods predicted that turbulence within the global oil market will not subside for three to five years.
“You are probably looking at three to five years of continued fairly tight markets,” Woods said. “How that manifests itself in price will obviously be a big function of demand, which is difficult to predict.”
Woods added that protection from market volatility will require governments and oil companies to enact “more thoughtful policies.” (Read more from “ExxonMobil CEO Predicts Oil Market Turbulence Will Go On for Years” HERE)
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