EnergyWatch

Exxon says watch for oil shocks as demand becomes market driver

When demand drives the market, the prices are at risk of tumbling back down to USD 40 per barrel if the economy falters.

Photo: /ritzau/AP/Matt Brown/Arkiv

Soaring demand is the main reason for the rebound in oil prices – but if the economy falters, crude could tumble back to USD 40 a barrel, according to Exxon Mobil Corp.

Cuts by OPEC countries have helped, but economic expansion is what's "really driving demand at levels much higher than recent history," Chief Executive Officer Darren Woods said Wednesday in a presentation to analysts in New York.

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