Hess: Massive Underinvestment In New Production Is A Major Wildcard For Oil

The oil industry is “massively underinvesting” in supply to meet growing demand, which is set to return to pre-COVID levels as soon as the end of 2021 or early 2022, Greg Hill, president of U.S. oil producer Hess Corp, said on Monday. In the short term, oil prices will be supported by tightening markets with supply struggling to catch up with demand, Hill said, as carried by Reuters. Oil demand worldwide is expected to hit 100 million barrels per day (bpd) by the end of this year or in early 2022, Hill said, adding that demand next…