Speaking at the Goldman Sachs Energy, CleanTech, and Utilities Conference in Miami, Hess CEO John Hess shared his perspective on the oil market, suggesting it is closer to being balanced rather than oversupplied in 2025. This outlook comes despite concerns over demand from China and increased production by U.S. and non-OPEC producers.
Hess expressed optimism about the shale oil market and the company’s growing prospects in Guyana. However, he also warned that political risks, particularly involving Iran and Venezuela, could contribute to market volatility this year. “Demand is a little more robust than people thought,” Hess remarked, noting that analysts had initially forecast inventory builds of one million barrels per day, a figure now revised down to half that amount.
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On the company’s operations in Guyana, Hess highlighted the untapped potential of its partnership with ExxonMobil and CNOOC. He shared that the joint venture plans to deploy two additional vessels in 2026 and 2027, increasing the total to six. Even with these expansions, the six vessels will only access about five of the 11 billion barrels of oil equivalent discovered so far, leaving significant room for future growth.
