Industry confident in return of $100 oil
May 06, 2015
The need to slash costs is the number one challenge for the oil industry, according to a major research project by Energy Voice, but leaders also believe crude prices will bounce back above $100.
In an exclusive, industry-wide Energy Voice research project, dubbed Energy 2050 – securing our future, nearly half of the respondents said they were confident in the return of $100 oil.
The research, which had nearly 900 respondents from the exploration and production, service, financial and government sectors, found the participants had an overwhelming positive perspective.
A total of 44% respondents thought oil would recover to more than $100 by 2020, 48% said it would sit within the $60 to $100 range and only 7% expect oil price to fall below $60.
The ground-breaking research led by Energy Voice, and done in partnership with Ernst & Young, Robert Gordon University, FifthRing, Burness Paull and Douglas Westwood, is part of a year-long global initiative.
The full findings will be discussed and debated today at a sold-out industry event at this year’s Offshore Technology Conference (OTC).
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