Oil's Nightmare Scenario Dominates Davos
- Glencore, UBS and IEA don't expect recovery any time soon
- Industry faces new scenario: `a lot lower for a lot longer'
Davos Leaders Sum up Oil's Plunging Price
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BP Plc’s Bob Dudley joined other oil executives in Davos in painting a gloomy outlook for 2016, saying the market faced a “flood of oil.”
"There is excess supply out there," the chief executive officer of BP told reporters on Thursday at the World Economic Forum in the Swiss resort. “These are very sharp shocks for countries and the industry.”