Oil Executives See Volatility as Market Starts to Rebalance
- Rebalancing to extend into 2017, ConocoPhillips CEO Says
- IHS’s Yergin sees oil supply and demand balancing this year
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Crude markets will continue to be plagued by volatility in the short and medium term after suffering the biggest downturn in a generation over the past two years, according to oil-company executives gathering for one of the industry’s biggest conferences in Norway.
“The volatility is here to stay,” ConocoPhillips Chief Executive Officer Ryan Lance said on the sidelines of the ONS Conference in Stavanger on Monday. Market rebalancing “will extend into 2017. The inventory levels are still quite high."