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.
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