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Occidental CEO Vicki Hollub has warned that the oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough. She noted that 97% of the oil produced today was discovered in the 20th century, and less than 50% of the crude produced over the last decade has been replaced. While the market is currently oversupplied, Hollub believes that the supply and demand outlook will flip by the end of 2025. OPEC has forecasted global oil demand to outstrip crude production growth outside the organization, implying a supply deficit.

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