SHELL EXPECTS $90
Royal Dutch Shell (RDSa.L) expects oil prices to recover gradually over the next five years, with progress slowed by persistent global oversupply and receding Chinese demand growth.
The Anglo-Dutch energy giant is betting on crude rising to $90 a barrel by 2020, a key assumption in its move to buy rival BG Group (BG.L) for $70 billion to help transform it into a leading player in the costly deepwater oil production and liquefied natural gas (LNG) markets.
"We are not banking on an oil price recovery overnight. It will take several years but we do believe fundamentals will return," Andy Brown, Shell's upstream…
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