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.
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