Occidental Petroleum Corporation CEO Vicki Hollub (pictured) told CNBC on Monday that the oil market will be experiencing a supply shortage by the end of 2025.
"We're in a situation now where in a couple of years’ time we’re going to be very short on supply," as the world is proving to be slow in replacing the crude reserves, she detailed. Although the market currently has more than enough supply, this climate will shift by the end of the next year, Hollub insisted.
"The market is out of balance right now, but again, this is a short-term demand issue. But it’s going to be a long-term supply issue," she warned.
