Oil Seen Rising in 2016 by Conoco, Aramco as U.S. Pumps Less
- Fall in U.S. output to re-balance market, Conoco's Lance says
- Total CEO forecasts no rebound in crude price before 2017
Oil Falls Below $40 as OPEC Extends Glut
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Crude prices will start to recover in 2016 as output from the U.S. and other non-OPEC producers declines, according to the heads of ConocoPhillips and Saudi Arabian Oil Co., the world’s largest oil exporter.
Investment in U.S. oil production will be flat or lower next year, and diminishing output in the country in 2015 and 2016 will help re-balance the global market, ConocoPhillips Chairman and Chief Executive Officer Ryan Lance told reporters Monday at a conference in Doha. Supply from unconventional oil sources, such as U.S. shale deposits, fell this year, Saudi Arabian Oil CEO Amin Nasser said at the same event.