CVX Chevron Corporation

By Bill Spindle

VIENNA--Chevron's chief executive said that growing demand for oil will require new investment by oil companies and producing countries that will need to be balanced against fiscal, environmental and social restraints.

John Watson, also Chevron's chairman, said that much of the demand for energy will come from emerging markets where the desire for a modern lifestyle will need to be met by governments.

"We're going to see billions of people entering the middle class," said Mr. Watson. "They will want all the same things we enjoy in the modern world."

He said that up to $40 trillion in investment may be needed to provide sufficient energy to meet that demand to 2040.

Write to Bill Spindle at Bill.Spindle@wsj.com

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