DOHA, 23 June 2021, (TON): The bosses of some of the world’s biggest oil companies said crude prices are likely to keep rising because a lack of investment will curtail future supply.

The chief executive officers of Royal Dutch Shell Plc and Total Energies SE joined major commodity traders and banks in predicting that oil could go as high as $100 a barrel, although they also said volatile markets could drive prices back down again.

The lack of investment is going to exacerbate supply and demand tightness as the economies pick back up again, and then in time we’ll see supply pick up and rebalance, Exxon Mobil Corp.

CEO Darren Woods said at the Qatar Economic Forum. But “in the shorter term probably higher prices” are more likely.

Trading house Trafigura Group said oil could top $100 a barrel over the next year. Bank of America Corp. also forecast this week that prices could jump to that level and Goldman Sachs Group Inc. said it doesn’t rule it out. Oil has climbed 44% this year as widespread vaccinations increase mobility and boost demand. Benchmark Brent crude was little changed at 2:55 p.m. in New York at $74.90 a barrel.