KPMG’s Regina Mayor spent a few minutes with Jessica Morales ahead of the 2019 Global Energy Conference. In this video interview Mayor, who is the global and U.S. sector leader for energy and natural resources, previewed what she plans to discuss with former Secretary of State Rex Tillerson. Mayor said she will discuss The Honorable Rex W. Tillerson’s decades of experience with Exxon Mobil. Plus, lessons learned from the Macondo tragedy and how to be an effective CEO in today’s market.
Mayor says Houston is uniquely positioned to make a huge impact and lead in the discussion to decarbonize. “The goal should be about decarbonizing. We need to lower carbon levels to make the planet great again. I fear that today, policy is oriented around picking winners and losers. Solar and wind are the favorites. We want renewable energy. Obviously, a key part of the portfolio, but we are not going to get there off the back of solar and wind alone. The industry needs to work together to create this ‘all of the above’ strategy,” said Mayor.
The U.S. presidential election in November marks a potential turning point in U.S. policy toward all the big three producers—Russia, the U.S. and Saudi Arabia—with significant implications for the oil market.
OPEC and its allies, including Russia, have been cutting output since May by 9.7 million bbl/d, or 10% of global supply, after the virus destroyed a third of global demand.
OPEC expects to cover the lion's share of the massive projected oil demand spike in 2021 with demand for its crude rising by 6 million bbl/d to reach 29.8 million bbl/d.