Oil executives see market rebalancing from surplus in medium-term

Group 1: Market Outlook - The global oil market is expected to tighten in the medium to long term despite a near-term surplus driven by rising output [1] - The International Energy Agency (IEA) projects a surplus of 3.6 million barrels per day in Q4, compared to an average of 1.9 million bpd for the year [2] - Oil prices are currently under pressure, with Brent futures trading around $62 per barrel, down over $15 from the same day last year [2] Group 2: Production Dynamics - Oil production from non-OPEC producers is anticipated to decline if prices fall to $60 per barrel, according to TotalEnergies CEO [3] - ExxonMobil CEO indicated that decline rates could reach 15% per year without investment in unconventional oil and gas fields, viewing oversupply as a short-term issue [4] - ConocoPhillips CEO highlighted the challenge of meeting growing demand with plateauing U.S. unconventional supply, suggesting oil prices could recover to $70-75 per barrel [5] Group 3: Demand and Investment - There is a resilient demand for oil, necessitating long-term investments in supply, as emphasized by Saudi Aramco CEO [4] - The industry executives maintain a bullish outlook on medium-term demand, supported by consumption growth from emerging economies [1][3]