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

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.

"It's hard to see a dramatic price increase. We really do imagine a band, and that band would probably naturally see a USD 40 to USD 60 type of band. I can see that band lasting for five to ten years," Ian Taylor says.

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