ExxonMobil chief: not quite bullish on winter demand.
Winter demand won't dent stockpiles
ExxonMobil boss Rex Tillerson chief sees winter oil demand having a limited effect in reducing a global fuel inventory glut, saying there needs to be a pick-up in industrial and transport demand to bring stocks back to normal.
"Inventories are at record highs around the globe. There is a lot of supply that has to come off the water, get into the system and be consumed," Rex Tillerson told Reuters in an interview.
"Quite frankly looking at the winter season in the northern hemisphere, even if we have a relatively normal winter we would still have a fair amount of supply."
Last month, ExxonMobil posted a 68% slump in quarterly net profit to $4.73 billion, or 98 cents per share, which missed Wall Street estimates, as the global recession dented fuel demand.
Tillerson also said the supermajor was in talks to take a stake in two large blocks off Ghana.