Occidental Petroleum Corp expects global oil supply and demand to rebalance by the end of 2021, its chief executive told the Energy Intelligence Forum on Wednesday.

US crude oil output will grow modestly next year, CEO Vicki Hollub said. Oil demand and prices have tumbled this year as a glut of oil hit the market just before the COVID-19 pandemic swept the globe.

Oil demand has rebounded to around 94 million barrels per day (bpd), but will take some time to return to 100 million bpd. The world will get to peak supply before peak demand, she said.

Occidental acquired rival Anadarko Petroleum last year in a $38 billion bet on rising demand and price that left it heavily indebted as consumption tumbled. The company had about $40 billion in debt earlier this year, but on Wednesday, Hollub said the company had reduced its debt by $7 billion.