Energy

Oil is at a 7-year high, but Exxon CEO Darren Woods sees lower trend

0


Darren Woods, CEO, ExxonMobil

Michael Newberg | CNBC

Oil prices rose to a seven-year high Tuesday amid ongoing supply concerns and escalating tensions in the Middle East, but Exxon Mobil CEO Darren Woods is confident they will trend lower.

In the immediate future, however, the oil executive said the market should expect volatile prices as the industry’s recovery from Covid-19 continues.

“As you get supply and demand tighter, events that happen around the world … lead to a lot more volatility because there’s less of a buffer, and I think we’re going to see that for some time now,” he said Tuesday on CNBC’s “Squawk Box.” “Until industry begins to ramp up productions and increase the level of…



Source cnbc.com

0 0 votes
Article Rating

Goldman CEO says he sees ‘real wage inflation everywhere’ after 33% jump in pay expenses

Previous article

Homebuilder confidence drops for the first time in four months

Next article

You may also like

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

More in Energy