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Shell CEO Wael Sawan Predicts Oil Prices Will Rise for Years, Citing Expanding Demand and Declining Supply
Shell CEO Wael Sawan stated at a Wall Street Journal conference that the company believes oil prices are set to rise over the longer term, even after the Middle East conflict subsides. Sawan attributed this outlook to expanding global energy demand, the unlikelihood of clean energy alone meeting this demand, and an estimated annual production decline of 5% to 7% from existing oil and natural gas sources.
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