Hess CEO optimistic of oil market this year

Going strong: Workers in action at an oil rig in the United States. Investors can expect more efficiency in shale oil drilling, which will offset the fact that shale, other than the Permian Basin oilfield, is now a mature 20-year-old industry. — Bloomberg

HOUSTON: Hess chief executive officer (CEO) John Hess says he sees the oil market as closer to being balanced than oversupplied this year, despite worries about demand from China and greater production from United States and non-Organisation of the Petroleum Exporting Countries producers.

He offered an optimistic view of the shale oil market and his company’s own prospects in Guyana in remarks to investors at the Goldman Sachs Energy, CleanTech and Utilities Conference in Miami, but cautioned the market could be volatile this year, citing political risks with Iran and Venezuela.