Halliburton Says Oil Will Spike in 2020 After $2 Trillion in Industry Cuts
Oil Advances on Signs U.S. Stockpile Declined
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Halliburton Co. expects that the worst crude crash in a generation will lead to a spike in oil prices by 2020.
Tumbling oil prices brought on by a glut of global oil has forced the industry to slash about $2 trillion in investments, according to the world’s biggest fracking provider. Those cuts will weigh heavily on the market in a few years when oil supplies fail to keep up with demand, Mark Richard, the company’s senior vice president for global business development said Wednesday in an interview at the World Petroleum Congress in Istanbul.