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U.S. energy major ExxonMobil sees a tighter oil market in the medium to longer term, particularly in the absence of further investments in unconventional oil and gas assets, Chief Executive Darren Woods said on Monday.
Oil market oversupply is likely to be a short-term issue, with demand from emerging economies set to make meeting global energy demand more challenging in the medium-longer term, Woods told a conference in London.
He said that without investments in unconventional oil and gas fields, the annual decline rate could be as high as 15% each year.
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