- Football leagues, unions file EU complaint against FIFA in calendar dispute
- Nigeria boycott AFCON qualifier in Libya after 'inhumane treatment'
- India to recall top envoy to Canada: foreign ministry
- Hezbollah, Israeli troops in 'violent clashes' after drone strike
- China insists won't renounce 'use of force' to take Taiwan as drills end
- Painkiller sale plan to US gives France major headache
- Italy begins landmark migrant transfers to Albania
- Russia jails French researcher for three years
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- New Zealand 4-0 up in America's Cup but British show signs of life
- Russian prosecutor demands 3 years prison for French researcher
- 'Innocent' British nerve agent victim caught in global murder plot: inquiry
- Afghan Taliban vow to implement media ban on images of living things
- Russian prosecutor demands 3 years, 3 months jail for French researcher
- England ready for Pakistan's spin assault in second Test
- New Zealand's Ravindra excited for India Tests with father in crowd
- India's capital bans fireworks to curb air pollution
- Stocks diverge, oil retreats as China disappoints markets
- FIFA to open 'global dialogue' on transfer system after Diarra ruling
- Trio wins economics Nobel for work on wealth inequality
- Starmer vows to cut red tape as he urges foreign investors to 'back' UK
- Ex-Stasi officer jailed over 1974 Berlin border killing
- 'Not viable': Barcelona turns against surging tourism
- Hezbollah says targeted Israeli naval base after deadly drone strike
- Rice praises 'unbelievable' England interim boss Carsley despite uncertainty
- Nepali teenager hailed as hero after climbing world's 8,000m peaks
- England captain Stokes back from injury for second Pakistan Test
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- South Korea military says 'fully ready' as drone flights anger North
- Pakistan 'vigilantes' behind rise in online blasphemy cases
- Nearly 90, but opera legend Kabaivanska is still calling tune
- Smith experiment as Test opener over, Green out of India series
- With inflation down, ECB eyes faster tempo of rate cuts
- Is life possible on a Jupiter moon? NASA goes to investigate
- Dodgers crush Mets 9-0 in MLB playoff series opener
- South Korea military says 'fully ready' as drone tensions soar
- Cummins back, Marsh and Head out of Pakistan ODI series
- Shanghai stocks swing after stimulus briefing as most of Asia rises
- New Zealand's Latham promises 'no fear' as he takes charge for India Tests
- Kyrgios vows to 'shut up' doubters with December comeback
- Public hearings start into death of Brit by Russian nerve agent
- Ex-Stasi officer faces verdict over 1974 Berlin border killing
- Role of government, poverty research tipped for economics Nobel
- 'Stolen satire' feeds US election misinformation
- Rookie McCarty captures first PGA Tour title in Black Desert Championship
- Australia all-rounder Green ruled out of India Test series
- Seeing double in Nigeria's 'twins capital of the world'
- UK FM to attend EU foreign affairs talks for first time in 2 years
Oil turbulence could last five years, ExxonMobil boss warns
Consumers must be prepared to endure up to five years of turbulent oil markets, the head of ExxonMobil said Tuesday, citing under-investment and the coronavirus pandemic.
Energy markets have been roiled by the Ukraine war as Russia has reduced some exports and faced sanctions while Europe has announced plans to wean itself off dependency on Russian fossil fuels in coming years.
Speaking ahead of ExxonMobil's unveiling as the fourth international partner for Qatar's natural gas expansion, chairman and chief executive Darren Woods said major uncertainty lies ahead.
"You are probably looking at three to five years of continued fairly tight markets," Woods told the Qatar Economic Forum. "How that manifests itself in price will obviously be a big function of demand, which is difficult to predict."
On top of under-investment in finding new oil sources in 2014-2015, Woods said the pandemic "really sucked a lot of revenues out of the industry".
Woods said companies and governments needed to think long-term. "We are going to see a lot of volatility and discontinuity in the market place if we don't get to more thoughtful policies," he predicted.
Representatives from the Middle East energy industry also renewed calls for better planning in consumer countries.
Sheikh Nawaf Saud al-Sabah, chief executive of Kuwait Petroleum Corporation, said the company was supplying all customers, but that multinational oil firms were not matching the investment of national oil enterprises.
- 'Tremendous disruption' -
As part of the Gulf state's response, Kuwait was starting its first offshore oil exploration and building the world's biggest oil refinery.
"We have never touched the offshore in Kuwait. The first offshore drill rig arrived in Kuwait a week ago and will start soon," he said.
The new refinery would come online by the end of 2022, Sabah added.
"It will be the largest refinery in the world at 615,000 barrels of oil a day capacity," he said adding that it would help meet increased demand from Europe and elsewhere.
Sabah said there was a "dangerous trend", with world consumers wanting energy but not being prepared for the change from polluting hydrocarbons to green energy.
"That is a paradox here that is causing quite a tremendous disruption in the investment cycle. We are making the long-term investments, but not international oil companies."
Sabah said the world currently produces and consumes about 100 million barrels of oil a day but that the equivalent of Kuwait's production -- about 3.5 million barrels a day -- was being lost through declining fields.
Qatar's Energy Minister Saad Sherida Al-Kaabi meanwhile criticised the "demonisation" of oil companies, and the windfall taxes on oil majors that many governments are proposing.
"I don't see the governments coming to pitch in when they (oil companies) were losing money and borrowing when the oil price was negative in Texas," he said.
ExxonMobil has taken a 6.25 percent stake in the expansion of Qatar's North Field, which contains the world's biggest natural gas reserves.
The stake is the same as France's TotalEnergies while Italy's Eni and US firm ConocoPhillips have 3.13 percent shares.
Woods said the project will "bring balance to the global market".
Y.Aukaiv--AMWN