Big oil CEOs join traders in seeing possibility of $100 oil

Big oil CEOs join traders in seeing possibility of $100 oil

The bosses of some of the world's biggest oil companies said crude prices are likely to keep rising because a lack of investment will curtail future supply.

The chief executive officers of Royal Dutch Shell and TotalEnergies joined major commodity traders and banks in predicting that oil could go as high as $100 a barrel, although they also said volatile markets could drive prices back down again.

The lack of investment is “going to exacerbate supply and demand tightness as the economies pick back up again, and then in time we'll see supply pick up and rebalance,” Exxon Mobil CEO Darren Woods said at the Qatar Economic Forum Tuesday. But “in the shorter term probably higher prices” are more likely.