Hess CEO John Hess shared his perspective on the oil market, suggesting it is closer to being balanced rather than oversupplied in 2025
Speaking at the Goldman Sachs Energy, CleanTech, and Utilities Conference in Miami, . This outlook comes despite concerns over demand from China and increased production by U.S. and non-OPEC producers. Hess expressed optimism about the shale oil market and the company’s growing prospects in Guyana . However, he also warned that political risks, particularly involving Iran and Venezuela, could contribute to market volatility this year.
Even with these expansions, the six vessels will only access about five of the 11 billion barrels of oil equivalent discovered so far, leaving significant room for future growth. Hess also pointed to improvements in shale oil drilling efficiency, which he said will help offset challenges as the shale sector, outside of the Permian Basin, matures after two decades of development.
Guyana Bakken Earnings Shale Offshore Oil Supply Oil Prices
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