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Oilfield service firm, Halliburton has warned that the world is headed for a period of oil scarcity following years of underinvestment in bringing more crude oil to the market.
Chief executive officer at the Houston-based oilfield contractor, Jeff Miller made this known at the 23rd World Petroleum Congress in Houston.
Miller on Monday said, “For the first time in a long time, we’ll see a buyer looking for a barrel of oil as opposed to a barrel of oil looking for a buyer.”
Miller, however, did not blame the energy transition and said it in fact needed to move faster to help alleviate high prices.
“The fact is that there is not enough energy. If there were abundant alternative energy sources, we wouldn’t see commodity prices spiking,” he said.
following a push from investors to focus on increasing returns over output, many companies in the United States are holding production flat or limiting growth next year.
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