Mouse Over to Stop Rotation & Read Ad

Thursday, October 22, 2015

Hess CEO Says Oil Prices Will Recover Next Year

From CNBC:
Continued demand growth and falling production should help to end a protracted slump in energy prices in 2016, Hess CEO John Hess said Thursday.

"Nothing cures a low price like a low price. The seeds have been planted for a slow recovery in oil prices," he told CNBC's "Squawk Box." "It takes about two years for the market to rebalance, and we're in the first year of that two-year period." 
Hess noted that global investment in exploration and production has fallen from $700 billion last year to $550 billion this year. With U.S. crude prices having slid to about $45 per barrel again, he said investment will sink even further in 2016.




Connect with us on Facebook and Twitter!

No comments :

Post a Comment

Follow by Email