Climate change and renewable fuels are becoming central issues this year, and oil companies are trying to adjust their investment portfolios as the fossil fuel industry is being hit by the coronavirus pandemic, which has destroyed fuel demand and caused thousands of people to lose their jobs. .
Hess said that we do not believe that the peak oil is coming-we expect oil demand to increase in the next 10 years, and we do not have enough investment to develop future oil and gas, and explained that price increases are needed to support these investments.
He said that although demand may recover significantly after the epidemic, the speed of restoring supply will slow down, especially as shale producers adopt conservative operating methods in order to meet the needs of shareholders.