John Hess, OPEC Secretary General Discuss “New Chapter for Oil Prices”
Hess Corporation Logo header
SEARCH

John Hess, OPEC Secretary General Discuss “New Chapter for Oil Prices”

  • OPEC Secretary General Mohammad Barkindo joined Hess CEO John Hess to discuss oil market trends.
  • “We’re entering a new chapter for oil prices; one of upward trajectory,” Hess said during the Center for Strategic and International Studies forum.
  • CSIS' Sarah Ladislaw moderated the discussion with H.E. Barkindo and John Hess

In his first visit to the United States since the Organization of the Petroleum Exporting Countries (OPEC) announced plans to cut production late last month, Secretary General Mohammad Barkindo joined Hess CEO John Hess at a Washington, D.C. forum to discuss oil market trends.

“We’re entering a new chapter for oil prices; one of upward trajectory,” Hess said during the Center for Strategic and International Studies forum. “The key question is can shale and OPEC coexist? The answer is absolutely yes. Everybody tends to talk about shale and shale is becoming the new OPEC. Not the case. Shale is short cycle. OPEC and deepwater are long cycle. We're going to need both for sustainable prices going forward.”

Technical innovations and operational efficiencies by Hess and other shale operators, spurred by the low oil price environment, have reduced costs enough to make shale operators competitive at current prices, Hess said. “I think it really shows American ingenuity and innovation at its best.”

A replay of the CSIS forum webcast is available at the link below. The discussion is preceded by a presentation on the World Oil Outlook 2016 by Dr. Jorge Leon Arellano, Energy Demand Specialist of the OPEC Research Division.

Watch the webcast

Latest Hess News
  • Hess to Participate in Citi Global Energy & Utilities Conference

    Hess announced today that John Hess, Chief Executive Officer, will present at the Citi Global Energy & Utilities Conference in Boston on Tuesday, May 15 at 4:15 p.m. Eastern Time. A live audio webcast and a replay of the presentation will be available.
    Full story
  • Hess Ranked Top Oil and Gas Company on 2018 Best Corporate Citizens List

    Hess has earned a place as the No. 1 oil and gas company on Corporate Responsibility magazine’s prestigious list of 100 Best Corporate Citizens for 2018. Hess is ranked No. 40 on the 2018 list, moving up 11 places from last year’s ranking. The company has been named to the list each of the last 11 years.
    Full story
  • Hess in the Media: Stampede stays astride in turbulent times

    Hess credits the successful launch of Stampede to its ability to stick to plan amid change as crucial to its ultimate execution of the project, says Gerbert Schoonman, Hess vice president for global production offshore.
    Full story