On Wednesday, the CEO of Occidental Petroleum Corp. Vicky Hollub expected the supply and demand of global oil would rebalance by end-2021.
Next year, US crude oil production would grow moderately, Hollub said. She opined that the global market will get to peak supply before peak demand.
So far this year, oil demand has rebounded to roughly 94 million bpd after collapsing due to the coronavirus pandemic, but demand would need more time to go back to 100 million bpd.
Regarding Occidental, Hollub said that the company had decreased its debt by USD7 billion compared to USD40 billion earlier in 2020 as a result of the ill-timing acquisition of rival Anadarko Petroleum last year.
