LONDON: The world is developing enough oil resources to avoid a big supply crunch in the next few years, the boss of Exxon Mobil said on Wednesday, adding he saw no major further declines in US oil output either.
"I don't necessarily have the view that we are setting ourselves up for a big crunch within the next 3, 4, 5 years," CEO Rex Tillerson told the Oil & Money conference. Many oil executives have said the decline in investment over the past two years was so steep that the world would soon face a shortage of supply.
US oil production was one of the hardest hit in recent years but Tillerson said the declines might be coming to an end as there is a large number of uncompleted wells that could be brought onstream to help sustain US output. He also said that because of abundant global supply it was difficult for him to see a big price spike in the next few years.
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