U.S. independent Hess Corp. expects another tight oil market next year and is increasing its capital expenditure for the upcoming year by $1 billion in a focus on exploration and production (E&P).

“I have to say even though we’ve seen a slowing of demand in China and in Europe, overall global oil demand continues to be pretty resilient and we’re not seeing a major impact from inflation and the high-dollar in oil demand itself,” CEO John Hess said in a third quarter conference call. He said with China reopening its economy and an increase in overall air travel, he expects global oil demand to rise by 1 million b/d next year.

“I don’t think if there is a pullback in the economy, where it does affect oil demand, I don’t think it’s going to be anywhere near what it was during...