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Oil oversupply is keeping prices low, but the situation is about to flip, Occidental CEO says

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Oil oversupply is keeping prices low, but the situation is about to flip, Occidental CEO says

By Jennifer Sor, Business Insider 

The oil market is about to do a 180, according to Occidental Petroleum’s CEO, Vicki Hollub.

The chief executive of the energy giant beloved by Warren Buffett pointed to the oversupply in the oil market as the main factor keeping a lid on prices. Global oil demand growth is expected to ease in 2024, according to the International Energy Agency. Meanwhile, the world’s oil supply is expected to rise to a record 103.5 million barrels a day this year.

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