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Exxon Says Winter Demand Won’t Reduce Heating Oil Supplies

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Posted by Gregg Gethard on November 16, 2009 at 10:28 am


(image: celsias.com)

Rex Tillerson, CEO of Exxon, predicts winter won’t be enough to cut into heating oil inventories. (image: celsias.com)

Bloomberg reported on Friday that Exxon CEO Rex Tillerson doesn’t believe the upcoming cold winter months will have much of an impact on the glut of oil and refined products, including heating oil, currently held in the world’s stockpiles. However, oil supplies could be reduced, he said, through an economic recovery that provides increased demand for passenger, diesel, and power generation fuels. As reported here previously on HeatingOil.com, plenty of sources have suggested that the price of oil may be too high and does not reflect the current supply and demand situation. After all, a large supply and a little demand should push prices downward; instead, financial factors and economic optimism have led the price of oil towards the $80 per barrel mark.


This article was posted on Monday, November 16, 2009 at 10:28 am and is filed under Blog, Home, OPEC, US economics, commodities markets, crude oil prices, green energy technology, greenhouse gas emissions, heating oil prices, oil companies

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One Response to “Exxon Says Winter Demand Won’t Reduce Heating Oil Supplies”

  1. November 23, 2009 at 9:07 am
    OPEC Joins Consensus, Predicts Rising Oil Demand and Higher Prices in 2010 | HeatingOil.com says: says:

    [...] faith in economic recovery that is pushing the price of oil up to $80 barrel. This theory—recently espoused by both Roubini and Exxon CEO Rex Tillerson—calls into question predictions made by OPEC and other groups like the IEA and [...]

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