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2015-11-06 20:00:00

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NEVER SEE $100

Just as the energy industry has brushed aside concerns that the world could run out of oil, industry executives now say they believe it is demand, rather than supply, that is nearing its apex.

In 1985, Ian Taylor, today the chief executive of the world's largest oil trader Vitol, was part of a team at Royal Dutch Shell that forecast oil prices would rise five fold to $125 a barrel in 2015 as global reserves were expected to become more scarce. Now he says it is unlikely to ever reach those levels again.

Oil today stands at around $50 a barrel, having more than halved since June 2014 after global supplies dramatically…

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Tags: OIL, PRICES
Chronicle:
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