U.S. construction and fracking major Halliburton believes the oil market crash that has lasted three years will cause oil prices to spike by the year 2020, according to World Oil.
The oil industry has lost $2 trillion in investments due to chronically low prices, said Mark Richard senior Vice President for global business development at the World Petroleum Conference in Istanbul on Wednesday.
“Sooner or later, the market is going to catch up,” Richard said. “You’ll see some kind of spike in the price of oil. Maybe somewhere around 2020-2021, but it’s got to catch up sooner or later.”
Production cuts by the Organization of Petroleum Exporting Countries (OPEC) had caused a rise in oil prices back in January, but new production from Nigeria, Libya, and the United States have erased all gains from the brief bear market.
According to Zainab Calcuttawala for Oilprice.com Read more here…