In a recent interview, ExxonMobil CEO Darren Woods said he expects the oil market to remain tight for three to five years.
In a panel discussion at the Bloomberg Qatar Economic Forum in Doha, Woods said the company had asked the U.S. administration for a more efficient investment process.
Moreover, he noted that ExxonMobil is one of the few companies in the U.S. that is actively investing in refining and has begun an aggressive investment program since 2017.
In response to a report showing inflation surging to a 40-year high, U.S. President Joe Biden accused the oil industry, and in particular ExxonMobil, of fattening profits by exploiting a supply shortage.
Woods said on Tuesday: “We tend to look past the daily political rhetoric we hear.”
QatarEnergy CEO Saad al-Kaabi said Tuesday that ExxonMobil and QatarEnergy are set to sign a partnership agreement for establishing the world’s largest LNG (liquefied natural gas) project, the North Field East expansion.