According to high oil officials, gross prices could be as high as $ 100 a barrel Business and Economic News

The CEOs of some of the world’s largest oil companies, speaking at the Qatar Economic Forum, said they would continue to raise gross prices due to lack of investment.

According to some of the world’s largest oil companies, crude prices are likely to continue to rise as a lack of investment will reduce future supply.

CEOs of Royal Dutch Shell Plc and TotalEnergies SE came together to predict that traders and large banks could reach up to $ 100 a barrel of oil, even as unstable markets could push prices back again.

The lack of investment “will exacerbate supply and demand as the economy recovers, and we will pick up and balance supply over time,” said Darren Woods, CEO of Exxon Mobil Corp., at the Qatar Economic Forum. . But “in the short term it’s likely higher prices”.

The Trafigura Group trading house said the oil could have $ 100 a barrel next year. Bank of America Corp. predicted this week that prices could rise to that level and Goldman Sachs Group Inc. said it does not rule it out. Oil has risen by 44% this year as a large number of vaccines increase mobility and increase demand. The gross Brent benchmark changed little at 2:55 p.m., at $ 74.90 a barrel in New York.

The global oil market had one of the most turbulent years in last year’s history as last year’s coronavirus pandemic lowered prices. But Western economies are growing again, European and U.S. roads are starting to fill up, and more Americans are flying. Although prices may be higher in the short term, the energy transition means that oil consumption can start in the highlands and eventually decline in the long run.

Energy change means not enough investment in oil and gas projects which could raise prices, Qatari Energy Minister Saad al-Kaabi said at the same event. Bernard Looney, CEO of BP Plc, said on Tuesday that gross growth would help the company’s energy transition plans and create better cash flows and profits for shareholders.

There is a “pretty good chance” of $ 100 a barrel, “but we may see some low prices again in the coming years,” said Patrick Pouyanne, CEO of TotalEnergies. “We’re used to volatility.”

Qatar’s Ministry of Trade and Industry, Qatar’s Investment Promotion Agency and Qatar Media City are subscribers to the Qomar Economic Forum, promoted by Bloomberg.

(Updated with the price of oil in the fourth paragraph.)
–With the help of Verity Ratcliffe.