Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Global oil supply and demand to rebalance by end 2021 -Occidental CEO

10/14/2020 | 02:14pm EST

Oct 14 (Reuters) - 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.

U.S. 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. (Reporting by Liz Hampton Editing by Chris Reese and Marguerita Choy)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL -0.25% 47.1 Delayed Quote.-27.86%
OCCIDENTAL PETROLEUM CORPORATION -4.00% 15.13 Delayed Quote.-61.76%
WTI 0.23% 44.175 Delayed Quote.-26.43%
Latest news "Economy & Forex"
02:11aUK approves Pfizer-BioNTech vaccine for use, first in the world
02:09aGerman retail sales rise more than expected before partial lockdown
02:06aIndia looks to resume Iran, Venezuela oil imports under Biden
02:00aSKIPPING A YEAR AND LANDING IN 2021 : Mike Dolan
01:45aBiden says he will not immediately remove Phase 1 trade deal with China - NYT
01:45aHAKUHODO'S GLOBAL BUSINESS 2 : Why Hakuhodo is the clients' choice
01:39aJapan lawmaker sees renewables make up nearly half of power sources by 2030
01:38aBOJ AMAMIYA : new bank aid wouldn't affect market interest rates
01:19aDollar decline stalls; yuan drops after Biden's comment on trade deal
01:15aSURVIVING THE PANDEMIC : Lessons from Germany's Mittelstand
Latest news "Economy & Forex"