Top energy CEOs address $100/b oil scenario as Brent tops $75/b

London (Quantum Commodity Intelligence) – The $100 per barrel crude oil scenario moved further into the mainstream thinking this week as bosses from top oil companies discussed the possibility at the Qatar Economic Forum.

TotalEnergies Chief Executive Patrick Pouyanne to the forum, "There is quite a chance to see $100 but we could see in the coming years some lows as we have been accustomed to volatility," TotalEnergies Chief Executive Patrick Pouyanne said at the Qatar Economic Forum.

Brent prices consolidated at two-year highs this week above $75/b, and backwardation widened in the nearby curve. 

Shell CEO Ben van Beurden told the forum, ""We're probably going to see both $50 and $100 oil, don't ask me about sequence though."

ExxonMobil CEO, Darren Wood, said, "coming out of the pandemic and a lack of investment in our industry, I think it's going to exacerbate the supply and demand tightness as the economy's pick back up again."

Wood added: "And then with time we'll see supply pickup and rebalance so we'll see both of those but in the shorter term probably higher prices."

Qatar's Energy Minister Saad Al-Kaabi told the forum that the energy transition means there has not been enough investment in oil and gas projects and that could push prices higher.

Meanwhile, the minister said Qatar has received interest from prospective investors in its project to expand liquefied natural gas production amounting to double what it was seeking.

Royal Dutch Shell , TotalEnergies and Exxon Mobil Corp. were among the companies that submitted bids to partner on the project, he said. The project will lift Qatar's annual LNG output to 110 million tons from 77 million tons, and LNG buyers have offered to receive "double what we require,".