Global oil and gas prices will remain higher for longer as companies resist the urge to ramp up production, the chief executive of Chevron, Mike Wirth told Bloomberg in an interview. One of the reasons for this reluctance to produce more is that investors are not on board with it, Bloomberg notes. Indeed, investors in oil and gas have become quite nervous about the long-term future of their investments there and have prioritized cash returns now rather than later.
The other reason is weak equity markets, according to Wirth. “There are two…Chevron CEO: Oil Prices To Remain Higher For Longer
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