Vitol CEO: Oil price will remain low for the next 10 years

Ian Taylor, CEO of the world's largest oil trader, Vitol, projects in an interview with Bloomberg that the oil price will remain low, between USD 40 and 60, for the next five to ten years.

Photo: Hjalmar Otto Fjøsne/Aker Solutions

BY OLE ANDERSEN

Oil prices will remain low for the next 10 years due to the slowdown in the Chinese economic growth, while the US shale gas industry will put a cap on any sign of price increases, notes the CEO of the world's largest oil trader, Vitol, Ian Taylor, in an interview with Bloomberg.

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