Mixed views from oil CEOs

Meeting demand: Crude oil storage at the Cushing oil hub in Oklahoma. Oil and gas producers are likely to step up spending on drilling new wells and boost output as oil prices rise. — Reuters

HOUSTON: The chiefs of major United States oil companies Occidental Petroleum Corp and ConocoPhillips offered differing outlooks on the growth of US oil output at a conference on Monday, as the industry rebounds from shutdowns during the first stage of the coronavirus pandemic.

Oil prices have surged to seven-year highs in the last several weeks, with international benchmark Brent crude hitting nearly US$90 (RM377) per barrel, bolstered by tight worldwide supply and resurgent global demand.