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Major oil companies expect continued decline in prices for months to come

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Rocky


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Major oil companies expect continued decline in prices for months to come



11/11/15

Agencies - executives with major oil companies, officials said on Tuesday they expected continued oversupply of crude, and pressure on oil prices for the next several months if not for years, despite sharp reductions in its investments and the abolition of projects around the world.
And show the point of view of senior ExxonMobil and Total officials at a conference in Abu Dhabi, while senior officials in OPEC have said they expect improvement in prices in the next year.

The divergence of views at the time of contraction of the major companies operating budgets and investments sector companies to save money in light of the price of a barrel of oil fell to below $ 60 per barrel.

Said Chief Executive Officer of Total, Patrick Bojan I am not sure we will get rid of the low prices before many months. "

Oil prices fell by more than half in 18 months, due to a glut in global supply under the boom of shale oil production in the United States, and OPEC's decision not to cut production to maintain its market share.

President of exploration and production at BP and Exxon Mobil Lamar Micae and Jack Williams said that the low prices will continue for some time. Head of Middle East operations in the BBC Michael Townsend reported that the British group believes that the Sttorjeh oil prices around $ 60 per barrel in the next three years. "

In contrast, OPEC Secretary-General Abdullah al-Badri said he sees a positive impetus to the oil markets in the coming year.

He Micae saying that the oversupply will continue until after the major oil companies to reduce their investments amounting to $ 22 billion this year, and the elimination of about 80 projects, double the number of canceled projects in the past year.

Townsend said he believed that Iraq, which is a great source of additional supply during the past two years, its share will not increase in the next year.

It is hard to see an increase in production next year because of the structure of the contracts, in reference to the current talks with the Iraqi government on reducing investments next year, to reduce the financial obligations on oil companies, and provide more liquidity to the Iraqi budget

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