Shell CEO Says Oil Prices Will Rise in Long Term

The decline in the price of oil has been one of the most prevalent stories in financial markets this year. But Ben van Beurden, chief executive of Shell, the world’s second-biggest listed energy company, is confident that oil will return to “very robust” pricing in the long-term.

He told CNBC: “We see prices being very robust over the longer term, for fundamental reasons of growth in prosperity and demand. It’s harder to find oil and more difficult to develop it, so I still see a very robust outlook.”

Oil prices on all main indices have been driven lower this year by concerns about slowing economic growth, a strong U.S. dollar and higher production than some expected. On Wednesday, the daily basket price for Organization of Petroleum Exporting Countries (OPEC) stood at $88.32 a barrel, down from 89.37 the previous day.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza