18 May 2015
‘Low oil prices keep us sane’ says chairman
Petroleum Economist talks to Dr Fereidun Fesharaki, chairman of consultancy Facts Global Energy, about the future of the energy industry
How is the low oil-price environment affecting the oil and gas business? It makes people more sane. Too much money can make you less careful. They splurge and waste money. But lower oil prices make a substantial readjustment in thinking, and that will be good for the industry. In fact, the low oil prices are at the same levels as they were only five years ago. They’re not going back 50 years. It’s just the last four to five years of excess, which was an aberration. They are being corrected to something more sustainable. Do you think oil prices will continue to hover around $60 a barrel? Or will we see prices above $100/b again? Certainly for the next 10 years it will be in the $60/b rang
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