Big Oil CEOs join traders in seeing possibility of US$100 oil

In demand: A man filling his car at a petrol station in London. Economies in the West are growing again. Roads in Europe and the United States are starting to fill up. — Bloomberg

NEW YORK: The bosses of some of the world’s biggest oil companies say crude prices are likely to keep rising because a lack of investment will curtail future supply.

The chief executive officers of Royal Dutch Shell Plc and TotalEnergies SE joined major commodity traders and banks in predicting that oil could go as high as US$100 (RM416.30) a barrel, although they also said volatile markets could drive prices back down again.

The lack of investment is “going to exacerbate supply and demand tightness as the economies pick back up again, and then in time we’ll see supply pick up and rebalance, ” Exxon Mobil Corp CEO Darren Woods said at the Qatar Economic Forum.