"Occidental CEO Predicts Short Oil Market from 2025 Onwards"

Occidental Petroleum CEO Vicki Hollub predicts a supply crunch in the oil market from 2025 onwards due to declining exploration failing to keep pace with demand, with U.S. WTI crude prices potentially trading in the $80-$85 range. She attributes this to a shift away from exploration towards tapping shale oil reserves, which have a shorter lifespan, and suggests that energy transition scenarios will need to accommodate increased oil exploration to meet future demand.