6/27, 10:20 PM (Source: TeleTrader)
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Exxon Mobil Chief expects oil prices to rise further

Exxon Mobil Corporation Chief Executive Darren Woods (pictured) revealed that oil prices are likely to rise further until it prompts investment in production, he said speaking to the Financial Times on stage at a conference in Brussels organized by the German Marshall Fund on Monday.

"You’re going to drive the production and the growth in oil and gas out of the most visible [...] most responsible companies, into less visible, less transparent and potentially less responsible companies", said the head of the largest western oil and gas corporation, adding that the authorities around the world claim that "the cure to high prices is high prices," while failing to provide a "robust set of alternative solutions" to meet people's needs "reliably and affordably."

According to Woods, the world's largest "pipeline" of new oil and gas projects is "thinner than in the past," explaining that fossil fuel companies are concerned about the long-term consumption of their product, even at high prices.

Baha Breaking News (BBN) / AB