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Oil Bosses in Davos See Shale Rebound Capping 2017 Price Surge

  • Entering a period of greater oil-price volatility: IEA Chief
  • Shale increasing even at $50 oil price, Saudi’s Al-Falih says
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BP CEO Dudley: Planning Business on $55 Oil in 2017

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Top oil industry officials in Davos aren’t turning completely bullish just yet. Capping their enthusiasm is U.S. shale oil, which is likely to limit price increases and usher in a period of greater volatility.

U.S. supply is already returning at $50 a barrel, Saudi Arabia Energy Minister Khalid Al-Falih and BP Plc Chief Executive Officer Bob Dudley said in Davos, Switzerland, on Tuesday. Higher prices will accelerate that process, according to International Energy Agency Executive Director Fatih Birol.