Exxon Mobil’s boss Rex Tillerson and Saudi Arabia’s energy minister on Wednesday took opposing views on declining investment in the oil sector setting the stage for a possible major supply crunch. More than two years of downturn that saw oil prices halve to around $50 a barrel today after a boom in U.S. shale oil production have led to a sharp decline in investment. But Tillerson, who heads the world’s largest listed oil and gas company, said that shale oil producers’ resilience in cutting costs to make some wells profitable at as low as $40 a barrel means that North American production has effectively become a swing producer that will be able to respond rapidly to any global supply shortage. “I don’t quite share the same view that others […]