🧵 1. Oil market to face supply shortage by 2025 as crude reserves aren't being replaced fast enough, says Occidental CEO. #finance
🧵 1. Oil market to face supply shortage by 2025 as crude reserves aren't being replaced fast enough, says Occidental CEO. #finance
🧵 2. Over 97% of current oil was discovered in the 20th century; less than 50% of produced crude replaced in last decade, warns Occidental CEO.
🧵 3. Despite oversupply now, oil market will flip to shortage by 2025, says Occidental CEO. Demand drop is temporary, but supply issue is long-term.
🧵 4. OPEC forecasts global oil demand to outstrip production growth in 2025, signaling potential supply deficit. Current cuts may need adjustment.
🧵 Read more at: https://www.cnbc.com/2024/02/05/oil-market-will-face-supply-shortage-by-end-of-2025-occidental-ceo-says.html