Key facts
- Wael Sawan believes higher oil and gas prices will persist long-term.
- He stated that the easiest oil and gas reserves have already been discovered.
Wael Sawan, CEO of ExxonMobil, indicated that the market should anticipate sustained upward pressure on oil and gas prices over the long term. Speaking at the WSJ Leadership Institute CEO Summit, Sawan explained that this outlook is driven by the fact that "All the easy oil and gas has been found." This suggests that future extraction will become more challenging and costly, potentially impacting global supply and pricing dynamics.