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Glencore oil chief sees "good chance" crude price keeps falling

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Glencore's oil chief said on Wednesday there was a "good chance" of crude prices extending their 43 per cent fall since June, as he did not expect many oil projects to be shut over the next 6-9 months.

[LONDON] Glencore's oil chief said on Wednesday there was a "good chance" of crude prices extending their 43 per cent fall since June, as he did not expect many oil projects to be shut over the next 6-9 months.

However, Alex Beard told the trading and mining firm's investor day that he thought the lower oil prices went, the steeper the eventual price rebound was likely to be.

Mr Beard said that while he saw few oil companies cutting production in the coming months, many projects that were currently planned would eventually be abandoned or reduced if prices stayed at lower levels.

REUTERS

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