Glencore oil chief sees "good chance" crude price keeps falling
[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
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil settles higher on supply concerns in the Mid-East, economic woes subdue gains
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply