This Giant Oil Trader Sees Upside For Oil Prices

3 Oct 2017   Prices

More than three years after Bob Dudley said that oil prices would be lower for longer, BP’s chief executive still thinks “a price of $50 a barrel looks like the right number to plan on for the rest of the decade.” The majority of oil executives and industry analysts still believe that $50-$60 oil will continue as the new normal, with U.S. shale supply growing stronger every time oil prices rise above $50. However, recent encouraging data about global oil demand growth is making some observers and players in the industry more bullish on oil prices. One small group thinks that lower for longer could end soon because U.S. shale can’t keep a lid on prices forever and can’t catch up with expected robust demand—all the more so that investments in conventional supply around the world have slumped since the oil prices started crashing. Until a month or two […]

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