Oil markets facing in both directions ahead of next Opec meeting
In depth
Issue 299
- 01 May 2015
| 7 minute read
Speculation surrounding international oil companies (IOCs) focuses on further consolidation following Royal Dutch Shell’s takeover of BG, and the implementation of scaled-back exploration and development programmes. According to ExxonMobil chief executive Rex Tillerson, the industry needs to “settle in” for lower prices “for at least a couple of years”. However, there are signs of firming in the oil price that suggest internal forecasts by Saudi decision-makers that Brent could end 2015 in a $65-75/bbl price band could prove closer to the mark than seemed possible as in January, when the marker crude hit record lows.
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