Occidental CEO Says Oil Could Hit $150 a Barrel
Occidental Petroleum believes the oil prices will go over $150 a barrel, and if it goes there for just a bit, it could be ok, but we are unsure how long these prices will stay. The prices are globally set, which needs to be understood, and hopefully, we can go back to a healthy, sustainable balance.
Occidental is ramping up their oil production to keep up with supply n demand and rising costs but says it will take time. We are coming out of a pandemic, and the problems are getting products like tubing and case wells and pipeline products to get back to their complete production stage and quotas they are aiming for this quarter. With the problem of transportation and not getting things to where they need to be in time, we have been missing people in all sectors since the pandemic.
The company is working on something exciting called carbon capture. A new sector will build trains that use the 500,000 tons of carbon from the atmosphere to run and reduce the carbon imprint. This will help them optimize and lower costs for everyone.